Plant-based meat alternatives company GoodDot Foods Pvt. Ltd. recently raised an undisclosed amount of investment from consumer-centric venture capital firm Sixth Sense Ventures.
According to a statement, GoodDot will use this fresh capital for research, development and marketing to support its global expansion plans and to strengthen its position in the plant based protein industry.
The Udaipur-based company was founded by Abhishek Sinha and Deepak Parihar in the year 2016. It uses innovative technology to replicate the taste, texture, flavours of traditional meat using plant-based ingredients such as soy and wheat gluten.
Currently, GoodDot sells its products using D2C channels, e-commerce platforms, as well as through over 7500 offline stores. The company has hit the international market already with its products available in Canada, Dubai, South Africa, Nepal and Singapore. It now intends to make a foray into the United States and European markets.
GoodDot is also looking to expand its chain of quick service restaurant outlets ‘GoodDo’ and ‘GoodKhana’, in Indian cities of Udaipur, Delhi and Mumbai, as well as Kathmandu in Nepal.
“We are delighted to have concluded this round of funding with Sixth Sense Ventures. We are confident this strong partnership will enable GoodDot to position itself as a force to be reckoned within the space of plant-based meats not only in India, but across the world,” Abhishek Sinha, CEO and Co-founder of GoodDot, said in a report published in Hindu Business Line.
“We believe that going forward, consumption preferences will evolve increasingly fast towards meat alternatives on the back of health, ecological or compassion-related reasons. Validation by HoReCa is critical for a new food category, and with endorsement by leaders such as Domino’s and other institutional customers, GoodDot has emerged to be the leader in plant-based meat in India,” stated Nikhil Vora, Founder and CEO of Sixth Sense Ventures.