
From Carnivore to Vegetarian Mogul: How Fu Yong Hong Built a $21 Million Plant-Based Empire
2025-06-07
Author: John Tan
At just 22 years old, Fu Yong Hong launched a vegetarian stall despite his disdain for vegetables. Fast forward to today, and he stands as the CEO of Greendot Group, Singapore’s largest plant-based restaurant chain, raking in an astounding $21 million annually across 15 locations.
A Transformative Journey
Now 36, Fu co-founded Greendot with his secondary school friend, Justin Chou, in 2011. Back then, Fu was a business student at the National University of Singapore and a committed meat lover. Justin, a lifelong vegetarian, discovered a gap in affordable meatless meals for students and pitched the idea of tapping into his mother’s culinary experience to open a vegetarian stall.
Fu's condition for entering the partnership was clear: they couldn't limit their clientele to vegetarians only. The duo started with hands-on training at Lotus Vegetarian Restaurant, where they learned the ropes of the food industry.
Turning a School Stall into a Fast-Casual Phenomenon
In December 2011, with an investment of $20,000, they began Greendot at Temasek Polytechnic’s School of Design. Despite Fu's aversion to greens—he would remove any lettuce from burgers—they faced the initial struggles of running a business.
The first three months saw them battling harsh feedback on their cooking. However, Fu decided to embrace the culinary challenge, gradually developing an appreciation for vegetarian dishes while refining their menu.
Innovation Driven by Customer Feedback
As they expanded into schools, Greendot's offerings evolved. Early menus featured Western fare, but customer feedback nudged them towards local tastes. They incorporated rice sets and hearty noodle dishes, leading to longer lines than typical fast-food stalls.
To reach non-vegetarians, they avoided typical vegetarian branding and instead focused on appealing descriptions like 'crispy beancurd skin with sesame rice.' They also took a stance against guilt-inducing marketing tactics, promoting a feel-good mantra instead.
Overcoming Financial Hurdles
Initially, Greendot struggled financially, facing losses for the first two years. But in 2013, they opened a new outlet at Bedok Mall, marking the transition to a fast-casual model that encouraged public patronage.
Despite long hours and meager earnings, Fu remained dedicated, while navigating the personal challenges that came with entrepreneurship.
A Personal Transformation
In 2018, Greendot merged with Lotus Vegetarian Restaurant, and Mr. Fu took the helm. Overwhelmed by stress and the demands of his role, an intervention from Chou led him to adopt a healthier lifestyle, which in turn rekindled his passion for the business and his understanding of vegetarianism.
Revitalization and Growth
Greendot underwent aesthetic upgrades and a rebranding to appeal to evolving consumer tastes. They introduced new menu items and revamped the location designs, transforming the dining experience.
In 2021, Fu’s life took another positive turn as he married and embraced fatherhood. Today, Greendot boasts over 200 employees and continues to innovate with new offerings introduced every two months.
A Vision for the Future
With ambitions to expand to 20 outlets in Singapore and eventually to Malaysia, Fu is committed to fostering a world-class organization promoting health through plant-based meals. His journey from meat lover to vegetarian restaurant mogul exemplifies the potential of aligning personal passion with a business mission, proving that sometimes, the path to success can come from the most unexpected places.