Wakao Foods: Company Origins and Founders

The emphasis on health has never been greater than in the last year or so, with a big portion of the public reevaluating what they consume and its influence on the body. Plant-based diets are becoming increasingly popular in India, and veganism as a concept has been on the increase since before the pandemic.

Jackfruit, a long-underrated powerful summer fruit, has suddenly become a meat alternative in the country, demonstrating the growing popularity of plant-based diets. In addition to being high in fiber, jackfruit is low in calories, fat, and carbohydrates, making it an easy and sustainable superfood.

Despite India being one of its largest growers, the fruit is remarkably underutilized. A research report titled ‘Market Feasibility Study For Jackfruit Value Added Products’ suggests that despite its numerous benefits, Jackfruit remains an unorganized market. This presents opportunities to expand across India and globally through innovative products with a large market scope and scalability.

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Goa-based Wakao Foods, founded by lawyer and entrepreneur Sairaj Dhond, is one such firm that is capitalizing on this rising superfood and making it easier for Indians to transition to plant-based diets.

Sairaj Dhond is the founder and CEO of Wakao Foods. Sairaj began his career as a criminal lawyer, but he quickly abandoned his academic-led profession in search of his actual calling, sustainable business. He is highly committed to establishing companies that have a worldwide impact and benefit the environment.

Sairaj sought a solution that could replicate meat for even the most ardent non-vegetarians, as sustainability and veganism became increasingly important. After a year of trials and experiments with some of India’s top chefs, he established Wakao, a brand that embodies his vision. His other business efforts include a lighting and solar solutions firm, as well as real estate restoration.

Sairaj worked as a criminal lawyer before deciding that he wanted to pursue other interests. Sairaj, who comes from an entrepreneurial family, joined the family restaurant business after finishing his law degree, but left after six months. He started his real estate firm in 2014, which was going well until the COVID-19 pandemic outbreak brought it to an abrupt halt.

Sairaj, unable to sit back, was looking for new chances when he came across an article about jackfruit. “This was a turning point for me as I realised that even though I had been consuming jackfruit since childhood, as a business opportunity in India, it had not been explored much.”

Sairaj created Wakao Foods in October 2020 with his own savings, and sales began to pour in by December. Currently, the brand offers jackfruit-based ready-to-eat items that are creatively packaged and marketed, including Barbeque Jack, Burger Patty, Butter Jack, and Teriyaki Jack.

Although Sairaj had a clear vision of the things he wanted to design, the manufacturing process was not as straightforward. COVID-19 was a major concern for the company during its R&D stage. Furthermore, production was set to take place in Kerala, one of India’s most severely impacted states during the pandemic’s early stages.

Nonetheless, Sairaj found a way and completed the majority of the early details remotely, including contacting with distributors and finalizing the package. To prevent the infection from spreading further, he ensured that all procedures were carried out in accordance with the strictest hygiene standards. Recalling the early days, he describes how the kitchens of his family’s hotel business were utilized for preparation before being converted into warehousing facilities.

Between December 2020 and April 2021, the brand was mostly present in Goa, with very little D2C traction. However, the B2B side, particularly the HoReCa (hotels, restaurants, and cafés) segment, helped increase revenues by 20% month on month.

After surviving the first few months, just as sales began to pick up, the second wave hit, slamming everything to a halt once more.

Sairaj Dhond and his food brand, Wakao Foods, competed on Shark Tank India Season 1, Episode 29. During the pandemic, Sairaj, a former lawyer turned entrepreneur, tapped into his childhood memories to create ‘Wakao Foods’, which manufactures ready-to-cook 100% natural fake meat from the superfruit Jackfruit.

With a 12-month shelf life and no refrigeration required, India’s first Jackfruit Vegan meat business, Wakao Foods, offers everything from burger patties to tikkas made with Jackfruit meat that contains no preservatives.

Providing a nutritious option with a diverse flavor palette for vegetarians and vegans, as well as those looking to experience something new, ‘Wakao Foods’ is not only gaining popularity among Goa residents, but has also become a favorite among premium hotel brands. Sairaj asked 75 lakhs in exchange for 5% of his company’s shares on Shark Tank India and was successful.

Wakao Foods, which sells plant-based ‘Ready to Cook’ and ‘Ready to Eat’ products in India, made history by being the country’s first business to be backed by all three female sharks on Shark Tank India. During the first season of Shark Tank India, SUGAR Cosmetics, MamaEarth, and Emcure Pharmaceuticals invested Rs 75 lakh in the company for 21% equity.

“That was a time when we managed only about Rs 1,800 worth of sales a month, that too through our B2B business,” remarks Sairaj. Fortunately, just as it appeared that the second wave would give a crushing blow to the brand, the direct-to-consumer (D2C) channel became Wakao’s ally. Sairaj began executing social media marketing and being listed on ecommerce platforms to assist the company acquire traction.

Wakao Foods is currently available on marketplaces including Wellversed, Flipkart, and others. The company sells across India through its website, and its B2B clients include Hilton, Oberoi, The Grand Hyatt, Zomato Hyperpure, and Ola Foods.

Sairaj states that Wakao has been increasing at a 25% monthly rate since then, with online sales accounting for 60% of total revenue.

While Wakao is still establishing itself in the Indian market, Sairaj hopes to focus on the worldwide market shortly. The company plans to enter the US, Mexican, and Canadian markets by the end of August, with Dubai and Norway following by the end of this fiscal year.