Consumer venture fund Sixth Sense Ventures invests in India’s Plant-Based Alternate Meat Company – GoodDot. The investment will enable Udaipur-based GoodDot to further cement its status in the plant-based meat space in India while supporting its international growth, on the back of increased emphasis and spend on R&D, marketing, and channel broadening.
The Company sells through direct-to-consumer channels, e-commerce platforms as well as over 7500 offline stores. GoodDot has recently launched its products in Canada, Dubai, Nepal, South Africa, and Singapore, and plans to cover the US and Europe in the months ahead. It is also working on expanding the rollout of its retail QSR outlets under two formats ‘GoodDo’ and ‘GoodKhana’, which are currently in Mumbai, Delhi, Udaipur, and Kathmandu.
“We are delighted to have concluded this round of funding with Sixth Sense Ventures, led by Nikhil Vora. The synergy and alignment of both the vision and the expertise with Nikhil and the Sixth Sense team is something which excites us beyond words. This is the epitome of an ESG-focussed investment. 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,” said Abhishek Sinha, CEO & Co-founder of GoodDot.
Nikhil Vora, Founder and CEO of Sixth Sense Ventures, said, “we believe that going forward, consumption preferences will evolve increasingly fast towards meat alternatives on the back of health, ecological, or compassion-related reasons. In the US, plant-based meat has grown over $1B in sales, growing 40% y-o-y, while the animal-based meat industry is degrowing. Validation by HORECA is critical for a new food category, and with endorsement by leaders such as Dominos and other institutional customers, GoodDot has emerged to be the leader in plant-based meat in India. This fits well into Sixth Sense’s thesis of investing in the Consumer of Tomorrow, with evolved consumption habits, with the company catering directly to this change in behavior through alternative meat products. Super elated to be part of a business which is trying to make the world a compassionate place.”
J R Laddha Financial Services was the exclusive advisor to the deal. Satish Ganega, VP- Investment Banking, who was advising GoodDot on the transaction added, “Excited to see the ace investor place confidence in a breakthrough product and a passionate team. It would be interesting to see this collaboration take on the global industry titans in the coming years.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.