Critical support arriving for impact focused companies from one of the region’s most well-respected bankers
Magnetic, Mumbai based investment firm focused on investing in consumer and health companies, has announced a new platform for Indian smart protein entrepreneurs.
The global investment and entrepreneurial landscape for companies focused on clean foods, materials, and cosmetics has been growing rapidly over the last few years. In particular, alternative proteins such as plant-based meat, egg, and dairy foods have received billions in funding and seen companies like Beyond Meat go public with great success.
The Asian and Indian ecosystem for these entrepreneurs is more immature than the U.S. and European markets, but Rajeev Chitrabhanu of advisory lead investment firm Magnetic has set his sights on addressing this challenge in collaboration with expert think tank and ecosystem-builder the Good Food Institute India (GFI India).
Having advised and invested in major consumer and health-focused companies a few of which are Lenskart, Rentomojo, Safari Luggage, Beato, Omniactive, and Snackible, Chitrabhanu intends to bring his global business network and experience to the clean entrepreneurship space.
Speaking at GFI India’s Smart Protein Summit, he said – “The goal here is to create an impact by backing innovative, ambitious, and mission-aligned people by giving them the tools to lead in this space. We would like to scale our collective impact and are looking forward to partnerships across Asia and learnings from the U.S.”
He also mentioned that he is already advising several companies in the plant-based foods domain, across plant-based meat, dairy, and manufacturing. GFI India will provide expertise and network-building support to the endeavour.
“Millennials and Gen Z consumers are driving a major shift in global consumption, towards cleaner alternatives to meat, eggs, dairy, materials, and cosmetics. Many of these developments are centred on the U.S. and EU, and there is a dearth of support for the industry in Asia. Companies in the space more than capital – they need critical support alongside them right through their journey. With this platform, I’m aiming to empower great entrepreneurs to attain huge scale with the right mentorship and partnerships. I’m glad to partner with GFI India to scale this network across India and the rest of Asia”, he added.
Varun Deshpande, Managing Director at the Good Food Institute India, said, “The alternative protein sector in India is poised for takeoff, with all the sustainability, food security, and public health gains that entails – but it needs mentorship and support from seasoned experts across the corporate and investment landscape. Rajeev’s bringing to bear his expertise and network is exactly the right kind of development to drive the industry forward. We’re glad to support these efforts to help entrepreneurs achieve rapid growth, in service of a more resilient food system.”