Faridabad-based meat alternative company Mister Veg has announced that it has raised ₹4.25 crore (US$570,000) in the first round of investment by Jubilant Ingrevia Limited.
The announcement was made by the company in a social media post, which read: “We are extremely happy to announce that Mister Veg on February 18, 2021, entered into a share subscription/shareholders agreement with Jubilant Ingrevia Limited to raise INR 4,25,00,000 (US$570,000).” Using this funding, the company is going to launch its plant-based meat substitutes throughout India and abroad.
Jubilant Ingrevia is a global intergrated life science products and innovative solutions provider serving, pharmaceutical, nutrition, agrochemical, consumer and industrial customers.
Founded by Simarjeet Singh, Mister Veg is one of the few Indian companies to have created plant-based fish alternatives. According to the company, its vision is to provide an innovative solution for nutritious and delicious plant-based meat and sea food alternatives in hygienic and cost-effective manner. With R&D, it has developed a new special purpose machine technology to create plant-based seafood. The company also says that it has created a special range of ready-to-eat meals with no preservatives, which can be kept at ambient room temperature with more than one year shelf life, without the loss of taste and nutrients.
Mister Veg boasts of a long range of products, which are yet to be launched in the market. These include, Vegiken Strips, Not Meat Minced, Fish Pomfret, Fishless Salmon, Butter Vegiken, Meatless Rara, Shahi Tofu, amongst others.