OATEY, a promising dairy alternatives startup, made an exciting announcement on Tuesday, August 1. The company revealed that it recently secured funding from none other than the renowned Indian cricketer, Ajinkya Rahane. While the exact amount of funding remains undisclosed, this investment marks a significant milestone for OATEY’s growth and potential impact in the market.
As part of their strategic partnership, OATEY has also appointed Rahane as the brand ambassador for the startup.
According to Ankush Jamadagni, the Co-Founder of OATEY, the funding will be allocated towards increasing awareness of their plant-based dairy alternatives brand and supporting brand-building initiatives. Additionally, the capital will be utilized to recruit key personnel, extend their presence in the offline market, and introduce new product offerings.
Jamadagni mentioned that the startup is actively seeking additional funding to fuel its ongoing expansion plans. In addition to that, the D2C brand aims to accelerate its growth by collaborating with growth accelerators and institutional accelerators specializing in the plant-based industry.
“The collaboration between OATEY and Ajinkya Rahane symbolises the perfect match of shared values and a common vision. Together, we aim to create widespread awareness about healthier living, advocate for the adoption of plant-based food options, and inspire individuals to lead sustainable lives,” added Jamadagni.
Chiming in, Ajinkya Rahane, in a statement, said, “I am excited to collaborate with a health-conscious brand like OATEY. Their commitment to quality products and inspiring brand values align perfectly with my own principles, and I am confident that our partnership will motivate individuals seeking a healthy lifestyle.”
Founded in 2021 by Jamadagni and Prashant Chauhan, OATEY is a global provider of plant-based dairy alternatives. The company offers a diverse array of products, such as oat milk, millet milk, and chocolate oat milk, available through its website and ecommerce marketplaces.
Over the past two quarters, the D2C brand has experienced steady growth, boasting an impressive average month-on-month (MoM) growth rate of 57% and a quarter-on-quarter (QoQ) growth rate of 30%. The startup attributes this remarkable expansion to shifting dietary preferences and the increasing awareness among the masses regarding sustainable, plant-based milk products.
In recent years, the Indian dairy products sector has witnessed the ascent of several prominent names, with consumers actively seeking organic and sustainable alternatives. Consequently, the market has witnessed the emergence of various direct-to-consumer (D2C) brands like Country Delight, MoooFarm, Stellaps, and others, catering to the growing demand for such products.
Rahane’s support comes amidst a flourishing period for the dairy alternatives industry, with new startups and brands rapidly gaining traction. As an example, in April of this year, another startup called Zero Cow Factory secured $4 million in a seed funding round led by Green Frontier Capital, GVFL, and Pi Ventures. This indicates the increasing interest and investment in the plant-based dairy sector.
