Agritech startup Eggoz raises $8.8 million | The Financial Express

Agritech startup Eggoz raises $8.8 million

The fresh capital will be used to expand its business footprint while bringing on additional talent and growing its community. 

Agritech startup Eggoz raises .8 million
India’s first egg-focused consumer brand, Eggoz Nutrition

In the funding winter, India’s first egg-focused consumer brand, Eggoz Nutrition, has raised $8.8 million in a Series B funding round led by Mumbai-based IvyCap Ventures. The round also saw participation from the existing investors NABVENTURES, Avaana Capital, and Rebright Partners and angel investors including Vishesh Khurana, Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, and Vivek Kapoor.

Gurugram-based Eggoz, which produces and sells brown, white and Nutra eggs, was founded by IIT- Kharagpur alumni Abhishek Negi, Uttam Kumar, Aditya Singh, and Pankaj Pandey in 2017.

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“With this funding, we plan to take Eggoz to more geographies and have a larger impact on the lives of both farmers and consumers,” said Abhishek Negi, co-founder, Eggoz.

Eggoz procures fresh, chemical-free eggs from farmers and the eggs are made available at stores within 24 hours of laying.

The startup uses IoT technology to put eggs through 11 safety checks including pH tests, quality grading, cleaning and UV sanitisation.

“Eggoz works under a tech-enabled farmer integration model, which offers implausible support to local farm owners to facilitate the production of better and more nutritious eggs, added Negi. The agritech startup provides farmers holistic care, including doctor support, input structure and market linkages.

The founders believe that for  India to solve its malnutrition problem, eggs value chain must be solved and organized. “So we decided to build an Amul for eggs. Since none of us have poultry background, we decided to start off with a captive poultry farm in Bihar in 2017 and over time learned poultry science, built the playbook, expanded presence and launched the Eggoz brand in 2020,” stated Negi.

Last December Eggoz had raised $3.5 million in a Series A funding round led by NABVENTURES.  Avaana Capital, Rebright Partners Bellerive Capital and angel investors Sanjiv Rangrass and Indresh Saluja also participated in the round.

As per the co-founders, the company clocked Rs 7.6 crore revenue in FY20 and Rs 12 crore in FY21. 

While agreeing that the funding winter did have slower investor momentum, he stated, that it has certainly helped them focus more on the right metrics for building the business and target profitability sooner. “We raised our Series B led by Ivycap ventures and I believe we have found true believers and long-term partners in our journey to build Amul of eggs.”

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First published on: 02-01-2023 at 16:04 IST