The plant-based meat company targets to open over 100 Keema Pao food carts under its QSR arm GoodDo, in the next five to six months
Bengaluru: As consumers prioritise sustainability and health, plant protein industry in India, which reached a size of $78.6 million in 2023, is witnessing a surge fuelled by the rising emphasis on nutrition, ecological responsibility, and compassion for animals.
The market is expected to witness a compound annual growth rate (CAGR) of over 10% to reach $1.2 billion by 2030, as per various reports. As consumers look for tasty meat alternatives, several brands have emerged to meet their needs.
Udaipur-based GoodDot is one such brand that makes plant-based meat and vegan products.
Founded in 2016 by Abhishek Sinha and Deepak Parihar, GoodDot specialises in creating textured vegetable proteins from vegan ingredients and offers a range of plant-based alternatives for mutton, chicken, fish, eggs, and various other types of meat. The brand claims to serve over one lakh meals per day through its diverse product lines and sales channels, all of which are 100% vegan.
Today, GoodDot aims to rank among the world’s top three plant-based meat brands. “As of now, we are the largest plant-based meat company in India. In the next two years, we aim to be among the top three plant-based meat companies in the world,” Sinha told IndiaRetailing.
Journey of GoodDot
GoodDot was founded when Sinha and Deepak united for a common cause: To create a more humane world for animals. In 2013, they assembled a team to begin product research, and in November 2016 they officially established the company.
“We enjoyed meat for its taste, but no one wants to harm animals. We concluded that if science and technology could bridge that gap, many animals could be spared from a cruel fate,” said Sinha.
GoodDot began as an offline brand with an investment of approximately Rs 16-18 crore to establish its factory. Initially, it partnered with FMCG company RCM, which serves tier-2 and tier-3 cities, boasting around 12,000 general trade stores across India.
“When we started, many saw it as a joke since our first product was called ‘vegetarian meat.’ Combining the words ‘vegetarian’ and ‘meat’ confused people, yet it helped convey the product’s purpose. As awareness grew, we gradually moved away from meat-like names.” he added.
In its first year, GoodDot experienced nearly 100% year-on-year (YoY) growth, particularly in meat-heavy regions such as South and East India, including Telangana, Kerala, Assam, Bihar, and Bengal.
GoodDot secured initial funding from high-net-worth individuals (HNIs) and New Crop Capital, a boutique investment firm based in the US. In 2021, GoodDot raised $5 million in pre-series A funding from Sixth Sense Ventures.
Venturing into QSR sector
In addition to its FMCG offerings, GoodDot has a sub-brand in the food and beverage sector called ‘GoodDo,’ led by Abhinav Sinha and Shruti Sonali, vice president – innovation at GoodDot. Notably, GoodDo is named after a goat rescued from a slaughterhouse in 2017, which now resides in Udaipur, Rajasthan.
Under GoodDo, the company operates a food cart model called “Keema Pao” offering sliders and rolls made with plant-based meats in a quick-service restaurant (QSR) format.
“We aim to rapidly scale this model to reach 100 outlets over the next five to six months. In the next month and a half, we plan to open seven outlets. These locations will serve as points of sales for GoodDot products,” added Sinha.
GoodDo QSR outlets are currently operational in Udaipur, and Kathmandu.
“Within the next three years, Keema Pao is expected to emerge as one of the most popular QSR formats in India. This model has significant potential for rapid and profitable growth,” he added.
Bones of contention
“Our biggest challenge was technical—creating a vegetarian product with the taste and texture of meat. It took us three years of intensive R&D to perfect our first product, as there is no plug-and-play solution. This work requires significant effort and funding, and we continue to refine our products constantly,” said Sinha.
Secondly, the company faced the obstacle of building category awareness. “Consumers comfortable with non-veg products may not yet feel a need for plant-based meat. However, it is perfect for those seeking a cholesterol-free, environmentally friendly, or ethically sourced meaty texture. The demand is latent. Bringing this need to light and making people aware remains a continuous challenge for us,” he added.
To tackle this challenge, the retailer employs several strategies, including selling online through its website (gooddo.co.in) and e-commerce platforms like Amazon and Flipkart, collaborating with brands and hotels, and offline via food carts.
The retailer boasts a diverse clientele in hotels, restaurants, and cafés (HoReCa) and business-to-business (B2B) sectors, partnering with brands such as Marriott, Hyatt, Radisson, Sofitel, The Leela, Domino’s, Taj, The Park, HRH Group, Absolute Barbecues, Tibbs Frankie, and Bademiya. Through its extensive sales channels, GoodDot has reached over 15,000 retail touchpoints.
“We are focused on building category awareness through targeted outreach, using cost-effective methods rather than relying on high-cost, buzz-heavy campaigns,” added the co-founder.
Looking ahead
As of now, GoodDot has 14 stock keeping units (SKUs) across three formats: raw protein, semi finished, and ready to cook. “We are not seeking to create a new category; instead, we are focused on deepening our presence in our existing formats,” said Sinha.
Beyond the Indian market, GoodDot has expanded to Australia, Dubai, and the USA. In Australia, the brand has its online platform and in Dubai the brand reaches consumers through distributors, focusing on mom-and-pop stores and vegan shops for offline sales. To be present in the USA, the brand is providing its plant-based protien to other export focused food brans of India.
The company plans to explore new markets once it has solidified its presence in its current regions. “Southeast Asia presents significant potential for us, but right now, expanding there would overextend our resources. Our partners are putting in great effort, and we are seeing promising early signs of growth through our export channels,” he said.
B2B and business-to-government (B2G) partnerships are currently the brand’s top priorities. “We are in talks with the government and exploring high-protein options for children, including midday meal schemes,” Sinha added.
Although the spokesperson didn’t disclose specific financial figures, he confirmed that the company is back to being cash-positive after a year and a half of cash burn. “FY25 will sustain this growth, with the current year showing explosive progress in terms of numbers,” he added.
