Wegan Foods
FUNDING

Princess of the UAE to invest on food tech startup Wegan Foods

A noble policy of a Mumbai – based food tech startup called Wegan Foods to hire women from financially weak backgrounds is what has prompted the UAE princess, Sheikha Arwa Al Qassimi to invest in the startup! Sheikha Arwa Al Qassimi is a member of the royal family of Sharjah and Ras Al Khaimah. She has invested an undisclosed amount in Wegan Foods. Prior to this investment, Sheikha Arwa had made many charitable donations to charity organizations in India but this is the first time she has actually invested in an Indian startup. Read more on Investments

“Of our total workforce, we plan to hire about 90 percent women, that too from organizations that groom and empower women from disadvantaged backgrounds. This was the biggest motivation for Sheikha Arwa Al Qassimi to invest in our company”, Wegan Foods Founder and CEO, Kinjal Darukhanawala said.

The latest charitable organization which Sheikha Arwa had donated money to was “Food for Change” which raises money from the public to buy food for the poor and also for other noble causes like their education, etcetera. She has also donated money to a UK-based development agency called ‘Sightsavers’ which operates in over 30 countries to combat blindness and restore vision to blind people.

This investment made by Sheikha Arwa is the first fundraising for Wegan Foods ever since its inception in November 2016.

“We don’t sell any animal products, not even honey or cheese. Our products will address a growing market of vegans and people would like to choose a healthier dietary lifestyle”, Darukhanawala added.

Wegan Foods will use the funds to expand its kitchens and inventory. It will also use the funds for ‘brand building’. The startup plans to set up new kitchens in Mumbai and Mahim and depending on the success of these kitchens, may expand its presence to other cities in India. The startup plans to have tie-ups with restaurants, hotels, catering companies and food delivery startups to make its food available everywhere to customers. It mainly delivers animal or dairy – free foods to the vegan community in India.

The other food tech startups that got funded recently include Wow! Momo which got funded (undisclosed amount) by Sequoia and a clutch of angel investors during March, this year. During January, this year (2017), the food tech startup Ketchupp raised a seed investment of Rs. 3 Crores from the VC firm, India Quotients. During June 16th, this year, Yuvraj Singh’s VC firm, YouWeCan had invested an undisclosed amount in the online restaurant reservation startup, EazyDiner. During May 23rd this year, the food tech startup Box8 had secured Rs. 7 crores in Series B round of funding from the VC firm, Trifecta Capital and finally during April 23rd, this year, the food delivering startup, Faasos had raised Rs. 41 crores in Series D round of funding from its existing investors like Lightbox Ventures II, Lightbox Expansion Fund, Sequoia Capital India, RuNet South Asia and RB Investments. Read more on Startup News

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Princess of the UAE to invest on food tech startup Wegan Foods
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