As part of the strategic partnership, Rahane has also been roped in as the brand ambassador of the startup
OATEY will use the funding to raise awareness, for brand building efforts, and to make key hires
Founded in 2021 by Jamadagni and Prashant Chauhan, OATEY sells plant-based dairy alternatives such as oat milk, millet milk and chocolate oat milk through online channels
Dairy alternatives startup OATEY on Tuesday (August 1) said it has raised an undisclosed amount of funding from Indian cricketer Ajinkya Rahane.
As part of the strategic partnership, Rahane has also been roped in as the brand ambassador of the startup.
Speaking to Inc42, OATEY cofounder Ankush Jamadagni said that the funding will go towards raising awareness about the plant-based dairy alternatives brand and for brand building efforts. The capital will also be deployed to make key hires, expand into the offline channel and launch new products.
The startup is also looking to raise fresh capital as it eyes further growth, said Jamadagni. The D2C brand is also looking to scale growth by partnering with growth accelerators and institutional accelerators in the plant-based space.
“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, 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 sells plant-based dairy alternatives globally through its website and ecommerce marketplaces. Its offerings include oat milk, millet milk and chocolate oat milk.
The D2C brand has grown steadily over the past two quarters, and claims to have logged an average growth rate of 57% month-on-month (MoM) and 30% quarter-on-quarter (QoQ). The startup attributes its growth to changing dietary preferences and growing awareness among masses for sustainable, plant-based milk products.
Overall, the Indian dairy products space has seen the rise of many big names in the past few years as users look for organic and sustainable options. This has led to the emergence of D2C brands such as Country Delight, MoooFarm, Stellaps, among others.
The backing from Rahane comes at a time when the dairy alternatives space is witnessing the growth of new startups and brands. In April this year, a similar startup, Zero Cow Factory, bagged $4 Mn in a seed funding round led by Green Frontier Capital, GVFL and Pi Ventures.