New Delhi, Sept. 11 -- Mumbai,

Bengaluru :

Hindustan Unilever Limited (HUL) has begun testing whether Horlicks can carve out a place in India's increasingly crowded protein market, first rolling out its ready-to-drink protein shake in limited trials in the June quarter before expanding the range to protein powders in recent weeks.

However, HUL's late entry into the segment isn't dampening its ambitions. Rajneet Kohli, executive director of HUL's foods division, told Mint in an interview he is not concerned that startups and even established rivals have moved ahead of Horlicks.

"Being late to a party doesn't mean that you're not there," Kohli said, adding that the market is still too large and underpenetrated for timing to be a major d...