Rising Star: Anand Nagarajan of plant protein start-up Shaka Harry wants to cater to a palate that loves Indian cuisine

Having acquired celebrity investment from the likes of MS Dhoni and Manu Chandra, the start-up is foraying into Singapore, focusing on product development, and closing another round of funding 

With more and more people adopting environmentally conscious lifestyles in recent times and moving away from meat-heavy diets, the market for plant protein in India is seeing a wave of renewed interest. A quick look at the frozen foods aisle in any supermarket and you’ll find options ranging from plant-based stuffed parathas to burger patties, biryanis, momos and a lot more, all catering to consumers looking for alternative meats that offer similar taste profiles as their animal-protein counterparts. Bengaluru-based brand Shaka Harry started with the same idea and has rapidly progressed since the time it launched in the second half of 2021, capturing a sizeable market share and expanding operations internationally this year.  

Co-founded by Anand Nagarajan and Sandeep Devgan, along with Ruth Renita, Anoop Haridasan and Hemalatha Srinivasan, the start-up is backed by ace Indian cricketer Mahendra Singh Dhoni, who invested an undisclosed amount in the company in 2022, as well as chef Manu Chandra, who is based in Bengaluru. Since the time it launched operations, Liberate Foods, parent company of Shaka Harry, has raised about US$2 million in seed funding thus far (from Better Bite Ventures, Panthera Peak and Blue Horizon) and is betting big on the changing landscape for plant-based foods and snacks, starting with an experience centre at Bengaluru International Airport where flyers can also dine in at the outlet.

According to a report by Expert Market Research, India’s plant-based protein market is expected to grow at a CAGR of 6.3 per cent between 2023-2028, to reach a value of US$995 million by 2028. Of this, it’s no surprise that F&B makes up a significant share. 

Nagarajan, the 44-year-old co-founder of Shaka Harry, is a seasoned entrepreneur, having spent the past two decades building start-ups in education, energy and fintech before taking the plunge in the competitive retail space. “Currently, there is a global narrative shaping up around plant-based foods, and India is uniquely positioned, thanks to the sheer diversity of cuisines and flavour profiles that we can experiment with,” he says. The market is also growing with the presence of brands such as Beyond Meat, Blue Tribe Foods, GoodDot and more. 

Edited excerpts from a conversation with Nagarajan: 

Tell us about the genesis of Shaka Harry. What was the motivation to get into the plant protein space? 

I’ve been a vegetarian all my life and one of the first few times I came across mock meat was when I was travelling through Southeast Asia about 12 years ago. It’s worth noting that the initial versions of mock meat were high in sodium and gluten. Frankly, what drew me to this was how people were experimenting with texture and taste. 

Then, I was in the US just prior to the Coronavirus pandemic and came across a bunch of plant protein start-ups. Seeing the positive consumer reaction to these made me want to delve deeper into the industry. I also noticed that brands were using better, higher quality and sustainable ingredients. I ended up meeting with my now co-founder, Sandeep Devgan, who was running a taste solutions firm, and his background in the food space just seemed like the missing link. After several rounds of brainstorming, we launched Shaka Harry in late 2021.

What makes Shaka Harry different from the other plant-based offerings in the market?

Well, there have been several learnings for us, and some of it has really validated what we set out to do. For instance, I remember taking one of my colleagues, a hardcore non-vegetarian at that, to a restaurant serving plant-based dishes. When he later came to know it was all plant protein meat, he was quite surprised as he was unable to differentiate the taste [from meat]. Similarly, during the pandemic, we were sending out samples of our products to chefs and restaurants and Manu Chandra happened to be one of them. We got a call back from him and before we knew it, he was on board, having liked the product’s potential. He’s played a key role in shaping up our culinary capabilities since then. Our core strength lies in product development and that’s what differentiates us. 

How many SKUs does the brand currently offer? And what are the plans for scaling up?

We currently have 14 SKUs and are looking at adding more as we expand. 

Some of our top-selling products are mutton samosas, momos, and biryanis, plus we’re also doing curries and snacks. If you look at the global market, they have 3-4 base products such as burger patties and the like, making up almost 80 per cent of the product line. But when you think of Indian cuisine there is so much diversity—we need to use that to our advantage. For instance, we can have just 15 varieties of momos and stuffed parathas and we want to double down on this depth in each category. We’re breaking down our offerings as per eating occasions, and that’s what is working for us. 

We’re currently present in nine cities across India and have just forayed into Singapore, which is a huge market for plant protein. We plan on entering countries like Qatar, the UAE as well as the US and the UK. 

How has the market transitioned from the time you started out? 

One of the examples I often give my team is the success of Maggi noodles in India—traditionally considered a non-noodle-eating market. They’ve built a category worth US$2-3 billion and with an 80 per cent market share. There are lessons to be learnt here on how new categories can be built. The quality of plant-based products on the shelves has also improved significantly in the last 18 months. If we look back to when we launched, there were very few and poor interpretations of what the market required. Indian consumers don’t want to compromise on taste or price, so if you can get that combination right, you’re on track. 

We’re seeing celebrities invest in several start-ups, especially when it comes to sustainable choices. How did the association with MS Dhoni come about?

I came across this interesting piece of information. According to a study, there are about 20,000 new brands launching in India every six months, across industries. To be able to stand out from the clutter, you do need to do things a bit differently and celebrity endorsements can help. When we initially reached out to MS Dhoni’s office, they were already aware of our brand and the work we were doing. They had insights about the market and what consumer awareness was like. Things then aligned naturally. Dhoni has given us some incredible insights since he came on board as an investor. He understood that the consumer base includes someone like him, who may love having his butter chicken on the regular but for health and ethical reasons, chooses to opt for sustainable alternatives.

Who is your key target audience? 

We’re looking at people who have the familiarity and affinity to the taste of meat. If I don’t have a reference point for meat, I’ll not be appreciating the product as much. So, people who have formerly been non-vegetarian make up a chunk of our consumer base.

What were some of the challenges in your journey as an entrepreneur?

Coming from a tech services background, it’s easy to move fast. Profit and loss numbers can be changed monthly. The energy business allows you to make big strides, but in retail you move slow and small. That’s been a major learning. So, the lesson we learnt was how do we think on a more long-term basis and own the category with greater scale? 

How will the funds raised be used? What’s next for Shaka Harry? 

We’ve raised just over US$2 million and are looking to close another round [of funding] soon. The funds will largely be used for marketing and distribution. We’re looking to close this year with revenues of US$6-7 million (Accounting Rate of Return) and expand our product line as well.

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