Eggoz, an indigenous brand that focuses on bringing high-quality, chemical and antibiotic-free, farm-fresh eggs from local farmers straight to consumer tables, announced that it has raised $8.8 Million (Rs 66 Cr) in a series B funding round led by Mumbai-based IvyCap Ventures Pvt Ltd.
The round also saw participation from the existing investors NABVENTURES, Avaana Capital, and Rebright Partners and other angel investors: Vishesh Khurana – Co-Founder Shiprocket, Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, Vivek Kapoor – Founders dineout, Khalid Qazi – VP Swiggy, and others. Sprout Capital worked as an investment banker for the transaction.
Founded in Bihar with a poultry farm in 2017 by IIT Kharagpur alumni: Abhishek Negi, Aditya Singh and Uttam Kumar, Eggoz has built an asset-light farmer integration model that delivers better nutrition & standardized quality
of Eggs to masses at scale. Today, as a branded eggs company, Eggoz brings 1-day fresh eggs to consumers via omnichannel, sourced directly from farmers who work under a fully integrated model. All Eggoz products are produced
with herbal hen feed, tech-based monitoring for birds, and regular veterinarian care, the statement said.
The fresh capital will be used to expand its business footprint while bringing on additional talent and growing its community.
Speaking about the investment, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said “Eggs being a major source of protein and a dietary staple for a huge section of India’s 1.4 billion population,
the market potential is tremendous. Eggoz, with its unique model, has the potential to capture this market and become the leader in this segment. We are excited about this investment and look forward to helping them scale to be the
largest player in this segment. “
Talking about their plan to utilize the raised fund, Abhishek Negi, Co-Founder of Eggoz, said, “We are thrilled to announce our Series B round of funding. We believe that tech-first & farmer-integrated food supply chains are going to be the future of food and farming. Consumers of today are educated about food safety and concerned about the source of their food. Eggs are a core part of Indians’ diet. It is nature’s super food and a reliable source of protein & all the important nutrients. However, the current state of eggs in India needs to improve, where this category has been under-penetrated in terms of bad hygiene practices, no quality standardization, and untraceable value chain. We
believe eggs can contribute immensely to solving India’s malnutrition problem, and the supply chain must be solved to ensure eggs can deliver on their promises.”
Currently, Eggoz products are available in Delhi-NCR, Bangalore, Kolkata, Chandigarh, Jaipur, Lucknow, and other non-metro cities; where the company’s unique hub & spoke business model ensures 1-day freshness & better eggs.
“With this funding, we plan to take Eggoz to more geographies and have a larger impact on the lives of both farmers and consumers,” added Negi.
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