A banker's journey– Prerna Goel, Investments (Root)
I grew up as a vegetarian, eating fresh seasonal produce cooked to perfection by my mom. Somewhere along the road, leaving home for my university where vegetarian food in the cafeteria was boring and repetitive, and then travelling to Canada to do my masters where it was more convenient to eat a frozen meal than to try to whip up delicious recipes like my mom’s, I became an omnivore.
As I got exposed to different cultures, I realised I was a ‘foodie’ and loved trying out different kinds of cuisines, meats, seafood, and everything in between. However, along with this love for food, came numerous health issues and after years of trial and error, I was ‘diagnosed’ with gluten intolerance in 2007. For the next ten years, I followed a strict gluten-free diet. It was not fun because gluten-free alternatives back then tasted like cardboard and I could not fully enjoy my foodie tendencies.
Fast forward to 2017. By this time, a lot was being discussed in the media about the large-scale impact of eating animal products on our health and environment. But, being a foodie, I could never imagine giving up meat! However, I was still struggling with issues despite following a gluten-free diet. I don’t know what drove me to it, whether it was all the talk in the media or my desperation to find a better solution to my ongoing maladies, that during a trip to Thailand in 2017, I decided to give up meat and become a pescatarian! It was one of the best decisions of my life- I suddenly felt better than I had in decades. I had more energy, less issues with my digestion, and generally felt stronger. Encouraged by this change, I slowly started introducing gluten back into my diet and I could not believe what I was experiencing- I could digest it without any problems! It was as if I had flicked a switch. There was no looking back.
It was at the beginning of 2020, inspired partly by the divisive documentary ‘Game Changers’, and partly due to increasingly convincing research on the impact of animal farming on the environment, I decided to once again become a vegetarian- life does sometimes come a full circle!
With all of us confined to the comforts of our homes, I pushed myself to try veganism in April 2020. I feel stronger and fitter than I ever have (it’s not all because of the diet, I have been working out a lot more but as they say “you are what you eat”!). As a lover of food, I love to cook different recipes and try all kinds of plant-based proteins and I have never once felt I am missing anything in my life. I am still on a journey and I slip every now and then – the allure of a good cheese or a warm fluffy omelette pulls me back into eating dairy. I have however not touched any kind of meat since the end of 2017 or seafood in 2020. And I am determined to keep pushing myself- because I have seen what plant-based diet has done for me. I also strongly believe if we do not, the environmental damage we are perpetuating as species will be our own undoing.
The impact of human consumption of animal products are well documented. It is scientifically proven that ever-increasing emission of greenhouse gases is causing global temperatures to rise at levels never seen before in human history. According to World watch magazine, more than 50% of these emissions come from animal agriculture and these are expected to increase by 56% by 2050. In the profoundly honest account of his life in the documentary A Life on our planet, Sir David Attenborough further brings to life the impacts of animal agriculture on our planet. It, along with climate changes resulting from increased emission of gases like methane, are causing destruction of biodiversity at rates never seen before.
Now we can debate these figures to death as we live in a society where people love to indulge in such pleasures. Bluntly speaking, I am not here to try to convince anyone about what is staring them in the face. Setting aside the irrefutable benefits of adopting a plant-based living, the market trends supporting this sector are tremendous.
According to Allied Market Research, the global Vegan Food market size is expected to experience a CAGR of 10.5% from 2019 to 2026, with Asia-Pacific exhibiting the highest CAGR of 11.8%, and India playing a big role in this growth. New SPINS retail sales data released March 3, 2020, the dollar sales of plant-based foods grew to $5 billion in the past two years, surpassing retail foods by a significant margin.
These trends have attracted increased investment in this section. According to Good Food Institute, more than $16 billion has been invested in U.S. plant-based meat, egg, and dairy companies since 2009, including $13 billion in 2017 and 2018 alone; Of the 19 acquisitions of plant-based companies that have occurred since 2009, 10 took place in 2017 and 2018; Eleven new cell-based meat companies were founded in 2018, bringing the total number of publicly announced companies to 27.
India is a big market for plant-based living. Nearly 80 percent of people who live in India practice Hinduism; the religion does not require meat-free living, but vegetarianism is viewed as “highly meritorious". According to a cross-country survey conducted by GFI and the University of Bath in 2019, over 60 percent of Indians want to purchase plant-based meat regularly. Many high profile deals completed recently show the growth this sector is experiencing: For example, Goodmylk raised INR 3 Crore (about $400,000) in its second seed round in January 2020 from four investors, including a prominent name in the plant-based space, VegInvest. Backed by established start-up incubators, such as ProVeg and IndieBio, as well as aspiring entrepreneurs, the Indian plant-based market has the potential to take off in the years to come. Big Idea Ventures, the accelerator and venture fund, is one of a handful of names in the industry with a sharp eye on innovation in plant-based food alternatives, according to NutritionInvestor, the firm works closely with GFI India and Humane Society of India on plant-based protein.
So why Vriksh Impact Partners you ask? I say why not! For the past 12-18 months of my career, I have started to re-evaluate what legacy I want to leave behind- maybe it’s the fact that I am reaching a milestone age soon or maybe it’s all that’s happening in the world. So, it was serendipitous when I realised that my childhood friend Aparna and my sister Shubhra were feeling the same. We all have different reasons on why we founded Vriksh, we all bring different experiences, values, and perspectives to the table, but we all have one vision- we want to see a world where we live in harmony with nature. We want to leave behind a legacy where mother earth reclaims its glory and humans get to experience its many magical gifts for centuries to come. And we believe the only effective way we do that is through plant-based living. Plant-based living is the next frontier. By enabling grassroots level innovation and investing in founders who share our vision, we are on a journey to make plant-based living mainstream and leave behind a legacy we would like to be proud of.
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