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Green Grahi: Our Investment Thesis

4.24.2025

The Context: Insects are crawling with potential

The next wave of agricultural transformation won’t be driven by synthetic chemicals or traditional feedstock — it’ll be driven by insects, and India is uniquely positioned to lead this shift.

Across the world, Black Soldier Fly (BSF) rearing is gaining traction as a sustainable, circular solution to tackle both food waste and the rising demand for high-efficiency agri-inputs. But in India, this opportunity hits differently — because the building blocks for scale already exist.

To start with, India’s tropical climate creates a natural advantage for insect rearing. Insects like BSF thrive in warm, humid conditions — what others must simulate in high-cost controlled environments, India gets for free. This dramatically reduces energy use, infrastructure costs, and operational overhead, making unit economics far more favorable compared to global peers.

Then there’s the supply chain advantage. India generates massive volumes of pre-consumer food waste from its FMCG, food processing, and agri value chains. This organic waste, when used as feedstock for BSF larvae, transforms a liability into an input — paving the way for a circular economy at industrial scale.

And perhaps most importantly, India sits at the intersection of rising domestic demand and export readiness. With rapid growth in aquaculture, dairy, poultry, and pet food industries, the need for high-quality, sustainable protein inputs is soaring. At the same time, global markets — especially Europe, Southeast Asia, and the Middle East — are actively seeking alternative protein sources with lower environmental impact. India’s cost advantage, availability of raw materials, and strategic trade networks position it perfectly to become an export hub for insect-based agri-inputs.

The timing is right, the conditions are ideal, and the demand is already here.

What the sector needed was a full-stack operator bold enough to build in India — for India and beyond.

That’s where GreenGrahi steps in. Digging deeper into the how and why below.

Black Soldier Flies and the Future of Protein

BSF larvae thrive on organic waste — rotting fruits, discarded grains, brewer’s spent grain, dairy by-products — and convert it into high-quality protein and oil. Dried BSF larvae contain up to 50% protein and have one of the best feed conversion ratios (FCR) in nature. The by-products of this process — frass and substrate — double up as effective bio-fertilizers.

This isn’t just clever biology — it’s a full-stack solution for food waste management and animal & plant nutrition. With applications across aquaculture, cattle feed, pet food, and agriculture, the potential for scaled impact is enormous.

BSF’s versatility showcases in the wide variety of food by-products it can consume

Introducing Greengrahi

GreenGrahi is pioneering this movement in India. Their proprietary “Climate Cube” rearing systems mimic natural environments in a controlled setting to scale BSF larvae production efficiently. They source pre-consumer food waste from FMCG, alcobev, and Mandi ecosystems, and convert it into protein-rich feed and fertilizers. Every part of the process is tightly controlled, automated, and designed for scale.

We believe this model solves multiple pain points:

  • Reduces food waste at source
  • Creates high-margin animal nutrition products
  • Decreases environmental impact via reduced GHG emissions

Siddharth and Shivali, the husband-wife duo behind GreenGrahi, bring complementary strengths to the table. Siddharth, an alumnus of BITS Pilani and Kellogg, brings business acumen and GTM finesse. Shivali, a Humboldt Fellow with hands-on expertise in solid waste management, leads R&D and operations. Together, they’re building something rare: a company with both scientific depth and operational discipline.

Our first visit to their Roorkee facility turned us from skeptics to believers. Watching their larvae rearing in action — backed by SOPs, systems, and a passionate team — made it clear that this wasn’t just a lab experiment. It was an operating business with real traction, and real potential.

Our first visit to Greengrahi’s pilot facility in Roorkee. L-R: Shivali, Ishaan, Kamlesh, Siddharth, Sarthak

Market Readiness

On the supply side, India offers abundant access to pre-consumer food waste through MSMEs and large FMCG networks. On the demand side, the animal nutrition industry is hungry for alternatives to traditional soy- and fish-based protein, especially those with a cleaner environmental footprint.

India’s growing aquaculture and dairy sectors — both riddled with low productivity and quality issues — are ripe for disruption through high-quality feed alternatives like BSF.

Beyond animal nutrition, in plant nutrition, BSF by-products such as frass offer a powerful organic fertilizer solution — one that reduces dependence on synthetic inputs and improves soil health.

Global demand for sustainable inputs is on the rise, and insect protein is fast becoming a preferred option — especially in the pet food industry, where discerning consumers are increasingly prioritizing sustainability, digestibility, and traceability. India is well-positioned to meet this global demand at scale.

Together, these sectors present a high-growth, high-impact opportunity for BSF-based products.

Global Comparisons & Competitive Landscape

Globally, companies like InnovaFeed (France), Entobel (Singapore), Entocycle (UK) have raised hundreds of millions to build insect protein ecosystems. GreenGrahi is uniquely positioned in India to build a localized, scalable solution with global relevance.

What sets GreenGrahi apart is its systems-first approach and in-house hardware innovation, paired with a razor-sharp focus on biological performance and product quality. 

Fast Forward to 2035

Insect protein is on a clear upward trajectory globally, and India is just getting started. As animal nutrition and agri-input costs soar, solutions like GreenGrahi will play a vital role in closing India’s protein gap sustainably.

We imagine a future where Black Soldier Fly protein becomes a staple in every feed/supplement mix — from fish farms to pet food to biofertilizers to dairy cooperatives. And GreenGrahi? A household name in agri-biotech, synonymous with circular nutrition.