Wakao Foods: Revolutionizing the Plant-based Meat Industry in India

Wakao Foods is a Bangalore-based startup that specializes in creating nutritious and flavorful snacks using natural and locally sourced ingredients. The company was founded in 2021 by a group of food enthusiasts who wanted to offer a healthier and more sustainable alternative to traditional packaged snacks. Wakao Foods aims to provide a guilt-free snacking experience by offering products that are free from preservatives, artificial colors, and flavors. The company's snacks are available in a variety of flavors and forms, including roasted nuts, trail mixes, and energy bars, and are designed to provide a quick and convenient source of nutrition for people on-the-go. Wakao Foods' commitment to sustainability is reflected in its packaging, which is made from recyclable materials. With its focus on health, sustainability, and taste, Wakao Foods is quickly gaining popularity among health-conscious consumers who are looking for healthy snack options.

Revenue System

Wakao Foods' revenue system involves a combination of sales through both online and offline channels.

Online Sales: Wakao Foods primarily sells its products through its e-commerce website, which is accessible to customers across India. The website offers a variety of plant-based meat products, such as burgers, kebabs, and nuggets. Customers can easily place their orders and pay online, and the products are delivered to their doorstep. This online sales channel allows Wakao Foods to reach a large customer base and sell its products without the need for physical storefronts.

Offline Sales: In addition to its online sales, Wakao Foods also partners with several brick-and-mortar stores and restaurants to sell its products offline. This includes partnerships with grocery stores, health food stores, and restaurants that serve plant-based food. Through these partnerships, Wakao Foods is able to reach customers who prefer to shop and dine in physical locations.

Subscription Model: Wakao Foods also offers a subscription model where customers can sign up to receive regular deliveries of its plant-based meat products. This model provides a steady source of revenue for the company and ensures a loyal customer base.

Overall, Wakao Foods' revenue system is focused on reaching a wide customer base through both online and offline channels while also offering a subscription model for recurring revenue. This allows the company to increase its sales and grow its business while also providing sustainable and ethical food options to consumers.

Target Market

The target market for Wakao Foods can be broken down into several segments, including:

1. Health-conscious consumers: Wakao Foods caters to people who are looking for healthier food options. These consumers may be concerned about their weight, have dietary restrictions, or simply want to eat more nutritious meals. They are likely to be interested in products that are low in calories, high in protein and fiber, and made from wholesome, natural ingredients.

2. Vegetarians and vegans: Wakao Foods offers plant-based food products that are suitable for vegetarians and vegans. These consumers may be motivated by ethical, health, or environmental concerns, and are likely to be looking for meat-free alternatives that still provide enough protein and other essential nutrients.

3. Fitness enthusiasts: Wakao Foods' products may also appeal to people who are into fitness and exercise. These consumers may be looking for products that are high in protein and low in calories to help them maintain a healthy weight and build muscle.

4. Environmentally conscious consumers: Wakao Foods' focus on creating environmentally friendly products may attract consumers who are concerned about sustainability and the impact of their food choices on the planet.

Overall, the target market for Wakao Foods is likely to be health-conscious, environmentally aware, and interested in plant-based and nutritious food options. By targeting these segments, the startup can establish a loyal customer base and create a strong brand identity.

Business Model

Wakao Foods operates on a direct-to-consumer (D2C) model, which means that they sell their products directly to customers through their website and other online platforms. This allows the company to have a more personal relationship with their customers and to collect valuable data on their preferences and purchasing behavior.

The company also offers a subscription service, where customers can sign up to receive regular deliveries of their favorite products. This helps to create a consistent revenue stream for the company and ensures that customers always have access to their preferred food options.

In addition to their D2C model, Wakao Foods also works with a number of local restaurants and cafes to offer their plant-based meat alternatives as a menu option. This helps to expand the company's reach and allows them to tap into a wider market.

Wakao Foods has also adopted a sustainable business model, with a focus on reducing their carbon footprint and using eco-friendly packaging materials. This has helped to position the company as a socially responsible brand, which is becoming increasingly important to consumers.

Overall, Wakao Foods has created a unique and innovative business model that offers a healthier and more sustainable alternative to traditional meat products. By adopting a D2C model and focusing on sustainability, the company has positioned itself as a leader in the plant-based food industry, with significant growth potential in the future.

Funding

Wakao Foods, a vegan food brand that offers plant-based ‘Ready to Cook’ and ‘Ready to Eat’ products in India, has made history by becoming the country's first startup to be backed by all three female sharks on Shark Tank India. The company received funding of Rs 75 lakh for 21% equity from SUGAR Cosmetics, MamaEarth, and Emcure Pharmaceuticals during the 1st edition of Shark Tank India.

Founded by Sairaj Dhond, Wakao Foods is committed to sustainability and aims to introduce innovative and disruptive F&B product categories that will change how consumers perceive plant-based meat. The brand's current offering of jackfruit meat is ethically sourced, hand-picked from farms, and hygienically manufactured. The jackfruit has been chosen for its versatility, meat-like texture, and nutritive value, being high in fiber, low in calories and fats. All Wakao products have no preservatives, with a shelf life of one year, and require no refrigeration.

The Sharks were impressed by the brand, the pitch, and its offerings, and they decided to back the company. The Sharks who invested in Wakao Foods include Vineeta Singh, CEO and Co-founder of SUGAR Cosmetics, Namita Thapar, Executive Director of Emcure Pharmaceuticals, and Ghazal Alagh, Founder of Mamaearth.

For Wakao Foods, the backing of all three female Sharks will bring in key expertise that will drive and expand the business multi-folds. Emcure Pharmaceuticals, which is currently present in 70 countries, will open doors for the brand to export its products across the world. For a D2C brand like Wakao Foods that is aiming to create offline properties in the future, India's top D2C and E-commerce players, Mamaearth and Sugar Cosmetics, are the perfect role models as they guide the brand to expand and scale its business and bring in a new and disruptive approach to the pulsating plant-based meat market with a sustainable focus.

For Sairaj Dhond, Founder of Wakao Foods, being on Shark Tank India and receiving funding from all three female Sharks is a great milestone for him and his team. This further solidifies their belief and efforts to introduce innovative and disruptive F&B product categories that will change how consumers perceive plant-based meat. The brand is looking forward to aggressively expanding its footprint in the next few months and acquiring a bigger clientele in the industry.

Conclusion

The startup plans to use the funds to scale up its operations and to expand its presence in other cities across India. It also plans to introduce new products and to invest in marketing and branding initiatives.

Wakao Foods has seen significant growth since its inception, with its revenue increasing by 10 times in the first year of operation. The company has also received several awards and recognitions, including being selected as one of the top 10 food startups in India by the National Association of Software and Services Companies (NASSCOM).