India’s Plant Protein & Alternative Meat Innovators
Where conscious eating meets next-gen food technology
India’s plant-protein and alternative meat ecosystem is no longer niche, it’s a fast-scaling food-tech movement reshaping how the country eats. Driven by urban consumers, sustainability shifts, and the pursuit of healthier protein, these startups are building everything from tempeh and soy-based meats to clean-label, ready-to-cook alternatives.
What began as a category led by a handful of players has now evolved into a competitive, innovation-heavy landscape backed by strong valuations and sharp revenue growth. With distribution spanning retail, D2C, cloud kitchens, and modern trade, these brands are bringing global-quality plant-based foods to Indian plates.
From Udaipur to Bengaluru to Mumbai, India’s alt-meat innovators are proving that taste, health, and sustainability can coexist, and scale. The following profiles spotlight the leading players driving this shift.
1. Gooddot Enterprises Private Limited (Gooddot)
City: Udaipur
Founding Date: 15 Sep 2016
FY 2024 Revenue: ₹3,022 Lakhs
Latest Valuation: ₹30,972.70 Lakhs (As of 10 Mar 2022)
About the company:
Gooddot is one of India’s earliest and fastest-growing plant-protein innovators, offering meat alternatives with a strong focus on taste and affordability. The company built mainstream adoption by selling across retail, D2C, and institutional segments. Its technology and flavour R&D help replicate traditional Indian dishes in plant-based formats. With a strong distribution footprint, Gooddot has become a category leader in alt-meat. Its high valuation reflects investor confidence in the future of sustainable protein in India.
2. Vezlay Foods Private Limited (Vezlay)
City: Delhi
Founding Date: 04 Jan 2010
FY 2024 Revenue: ₹1,008 Lakhs
Latest Valuation: ₹606.29 Lakhs (As of 26 Mar 2024)
About the company:
Vezlay Foods is known for introducing ready-to-cook plant-protein products to Indian households.
The company’s focus is on soy-based innovations that mimic everyday dishes like kebabs, chaap, and nuggets. Its strong presence in NCR retail chains and online marketplaces gives it a consistent customer base. Vezlay targets both vegetarians and flexitarians seeking healthier meat alternatives. Its product portfolio is one of the most relatable for Indian taste preferences.
3. Bveg Foods Private Limited (Bvegfoods)
City: Haryana
Founding Date: 20 Dec 2019
FY 2024 Revenue: ₹646 Lakhs
Latest Valuation: ₹793 Lakhs (As of 16 May 2022)
About the company:
Bveg Foods specialises in clean-label plant-based meat products for modern Indian consumers.
The company focuses on protein-rich formulations with minimal preservatives. Its distribution spans retail, cloud kitchens, and modern trade channels. Bveg’s brand identity is centred around sustainability and better nutrition. The company is steadily expanding into new product categories and geographies.
4. Vegolution India Private Limited (Hello Tempayy)
City: Bengaluru
Founding Date: 21 Aug 2019
FY 2024 Revenue: ₹616 Lakhs
Latest Valuation: ₹12,316 Lakhs (As of 15 May 2025)
About the company:
Vegolution is popular for its flagship brand Hello Tempayy, which introduced tempeh to mainstream India. It focuses on high-protein soy-based foods tailored for fitness-driven consumers. The brand has a strong presence in Bengaluru, Chennai, Hyderabad, and Mumbai. Its product innovation is backed by strong education-led marketing to promote tempeh as a staple. Investors see long-term potential due to rising protein awareness in urban India.
5. Mister Veg Foods Private Limited (Mister Veg)
City: Haryana
Founding Date: 11 Sep 2020
FY 2024 Revenue: ₹522 Lakhs
Latest Valuation: ₹1,012.50 Lakhs (As of 15 Mar 2021)
About the company:
Mister Veg focuses on developing plant-based alternatives that closely replicate the texture of conventional meat. Their ready-to-cook products cater to customers actively reducing animal consumption. The brand’s strength lies in its R&D-heavy approach to ingredient and texture engineering.
Mister Veg has built a niche audience in North India. Its growth signals increasing appetite for healthier and cruelty-free foods.
6. Liberate Foods Private Limited (Shaka Harry)
City: Bengaluru
Founding Date: 05 Sep 2020
FY 2024 Revenue: ₹521 Lakhs
Latest Valuation: ₹7,382 Lakhs (As of 04 Jan 2023)
About the company:
Shaka Harry is one of India’s most visible alt-meat brands, backed by strong celebrity and investor support. The company offers a wide range of plant-based snacks and ready meals. Its aggressive retail expansion has made it a mainstream name in the category. Shaka Harry blends global food science with Indian flavours to drive adoption. Its valuation reflects rapid brand recall and category-shaping potential.
7. Shivanika Foods Private Limited (Blue Tribe)
City: Mumbai
Founding Date: 26 Aug 2019
FY 2024 Revenue: ₹286 Lakhs
Latest Valuation: ₹140 Lakhs (As of 30 Jun 2022)
About the company:
Blue Tribe gained attention for its food-tech-driven approach to plant-based meat. The company focuses on taste, texture, and sustainability in equal measure. Their products include plant-based chicken, keema, and nuggets targeted at flexitarian youth. Blue Tribe has seen strong early adoption in metros and premium retail channels. The brand positions itself as an aspirational lifestyle choice for conscious consumers.
8. Imagine Foods Private Limited (Imagine Meats)
City: Mumbai
Founding Date: 03 Sep 2020
FY 2024 Revenue: ₹43 Lakhs
Latest Valuation: ₹160 Lakhs (As of 29 Mar 2021)
About the company:
Imagine Meats is known for celebrity-backed branding and a modern approach to plant-protein foods. The company offers global-inspired plant-based meat formats such as burgers and sausages. Its focus is on indulgence without compromise on ethics or environment. Imagine Meats appeals strongly to early adopters and urban experimenters. The brand continues to expand through D2C and gourmet retail.
9. Upstablish Food Technologies Private Limited (Greenest)
City: New Delhi
Founding Date: 22 May 2017
FY 2024 Revenue: ₹41 Lakhs
Latest Valuation: ₹2,445 Lakhs (As of 04 Aug 2022)
About the company:
Greenest builds futuristic plant-based meat products aimed at urban millennials. The company’s focus on food-tech innovation sets it apart in the alt-protein space. It has collaborated with leading restaurants and cloud kitchens for menu integration. Greenest emphasizes clean ingredients and sustainable production methods. The brand is fast emerging as a technology-first player in India’s plant protein revolution.
10. Proplant Foods Private Limited (Promeat)
City: Mumbai
Founding Date: 23 Mar 2021
FY 2024 Revenue: ₹31 Lakhs
Latest Valuation: ₹830 Lakhs (As of 25 Nov 2023)
About the company:
Promeat specialises in creating plant-based meat alternatives designed to appeal to Indian taste buds. The company offers products like plant-based keema, burger patties, and nuggets. Its R&D efforts aim to replicate the flavour of traditional meat using natural ingredients. Promeat targets both retail shoppers and food-service chains. The brand’s valuation reflects its early traction and potential for future scalability.
To stay ahead of India’s plant protein and alt-meat landscape, keep tracking the latest financials, valuations, and regulatory filings on PrivateCircle