Scientists reject ₹60 Cr offer to build ₹250 Cr plant based meat brand

Once upon a time, Dr. Gaurav and Dr. Reena Sharma's son expressed a craving for a burger. As a vegetarian family who had never even eaten eggs, they wanted to find a suitable vegetarian option.

 They discovered an outlet advertising a plant-based chicken burger and were intrigued enough to buy one for their son. However, the burger turned out to be far from tasty.

This disappointing experience sparked an idea in the minds of Dr. Gaurav and Dr. Reena, both food scientists, to start their own plant-based meat brand. They took the half-eaten burger home and began to investigate how it was made.

"We tried to replicate the ingredients and experimented a lot to ensure that the taste and nutritional value were there in the plant-based meat we were trying to create in our home kitchen," said Dr Reena, co-founder of Shandi Global.

By day, the couple worked in Singapore, but in the evenings, they devoted their time to experimenting with various plant-based ingredients to craft the perfect meat alternative.

"Finally, we managed to make it. It was an achievement for us," Dr Reena shared during a conversation with Startup Pedia.

Becoming First-generation Entrepreneurs At 40:

Having perfected the recipe for plant-based meat that tasted like real meat and retained all its nutritional value, they decided to turn their creation into a business. This decision was bold, considering neither came from a business background.

Dr. Reena was born in Jaipur to a father who worked in the agricultural department. Tragically, he passed away in an accident when Reena was just 10 years old.

Her mother, a housewife, struggled to support the family on her husband's small pension, prompting Reena to take up a teaching job after the 10th grade to fund her education.

Dr Gaurav's background was similarly humble, with his father working as a primary school teacher. He lived in one of Jaipur's villages.  

The co-founders of Shandi Global met while pursuing their PhDs, fell in love, and married at the end of their studies.

Together, they accumulated 20 years of experience in the food science field, with Dr. Reena specializing in the healthcare sector and Dr. Gaurav focusing on the food industry.

Despite their modest beginnings, they both worked hard and eventually moved to Singapore, where they earned a substantial combined annual salary of half a million dollars in senior-level positions.

However, their passion for their plant-based meat project was so strong that Dr. Reena decided to leave her job and embark on an entrepreneurial journey.

A few months later, Dr Gaurav officially joined the Singapore-based startup Shandi Global as a co-founder.

"Although Dr. Gaurav joined a few months ago, he was unofficially working with me and building this brand from the beginning. Without him, Shandi Global could not have existed," Dr. Reena mentioned in her interview with Startup Pedia.

Ditching $8 Million Offer:

Their journey took a momentous turn when, within three months of filing their patent and before securing seed funding, they received an enticing offer of 8 million USD from a Canadian company to purchase their technology. This offer included lucrative positions for them both, surpassing their current earnings.

Despite the overwhelming allure of financial security and comfort, they hesitated. "We realized that if the company is willing to offer us 8 million USD now, that means our idea has a huge potential," said the co-founder of Shandi Global. 

Hence, they ditched the offer and embarked on a journey fueled by ambition, determination, and the steadfast belief that they could build something truly remarkable. 

They planned to use their own money to start their food brand. But they got lucky and raised pre-revenue funding of $150,000. 

They built a factory, made a website, and started producing and selling their plant-based meat at the B2B level with that money. Hence, in December 2022, Shandi Global was born.

Shandi Global In Detail: 

Headquartered in Singapore, the plant-based food brand currently has approximately 13 active products. Talking about the manufacturing process, the co-founder of Shandi explained that each undergoes a standardized process, which streamlines operations and yields cost savings by eliminating the need for individual procedure adjustments. 

They exclusively utilize proteins from chickpeas, mung beans, soybeans, and yellow peas, abstaining from other ingredients to keep focus solely on these proteins. Mechanical methods are employed for processing, minimizing raw material costs compared to meat.

Innovatively, they've developed "enzyme inhibitions" to eliminate the distinct taste of plant-based proteins, allowing seamless flavour mimicry without genetic modification or chemicals.

They've also developed a method to replicate meat taste and aroma without added flavours, blending proteins from various plant sources to meet the meat's chemical composition.

The food brand offers a versatile base meat adaptable to various cuisines, preserving authentic flavours without replacing cultural dishes. This approach has led to over 50 recipes utilizing their base meat.

By addressing a gap in the plant-based food industry, they provide more than burger patty substitutes, enriching culinary options.

Growth Journey Of Shandi Global:

Within two years of its inception in December 2022, the Singapore-based food startup has achieved remarkable milestones. 

Its presence now extends to nearly every international school, approximately 10 hospitals, and numerous corporate headquarters. 

Collaborations with leading global catering companies have facilitated entry into crucial sectors where daily food consumption occurs.

Unlike many other plant-based industry enterprises facing challenges in accessing supermarket shelves, the Singapore-based food brand strategically targeted pivotal sectors such as schools, workplaces, hospitals, and fitness centres. 

Recent successful expansion into Australia has garnered substantial traction. The brand plans to enter the retail sector in July.

The brand's valuation has soared to 30 million USD within three years, demonstrating rapid growth and profitability. Monthly revenue stands at around half a million USD, with a consistent 15% month-on-month increase, achieving the milestone of half a million in revenue within just a year and three months.

Funding for Shandi Global: 

Shandi Global initially approached a Hong Kong-based incubator supported by an Australian VC fund. It initially met with scepticism but ultimately secured initial funding of 150,000 USD. 

The second round, a substantial investment of 1 million USD led by a prominent Singaporean corporation in 2021, accelerated the company's progress. Throughout 2021, multiple smaller investments totalling half a million USD each further fueled growth and development efforts.

The Plan Ahead:

Currently, the plant-based food brand operates B2B in Singapore, Thailand, Canada, and Australia. In the Middle East, the brand is present in specific countries, such as Turkey. Starting in July, the brand will launch its retail operations in Australia, marking an expansion into the retail sector.

Regarding financial targets, the plant-based food brand is currently at an annual revenue of $4 million. The brand expects to reach a revenue of $6 million in FY-25.

"With the planned expansions in Australia and Europe, we anticipate crossing $30 million in revenue by FY 2025. Furthermore, we aim to achieve a revenue of $100 million the following year, FY-26," concludes the woman entrepreneur Dr Reena at the end of the interview with Startup Pedia.