Eggoz recently raised $8.8 million in fresh capital that it could use to expand its business footprint and bring additional talents to its growing community.
The India-based agri-consumer tech startup said on Wednesday that Series B of its funding round was led by Mumbai-based IvyCap Ventures Pvt Ltd.
The round was also participated by existing investors NABVENTURES, Avaana Capital, and Rebright Partners as well as angel investors such as Vishesh Khurana (Co-Founder of Shiprocket), Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, Vivek Kapoor (Founders of dineout), and Khalid Qazi (Vice President of Swiggy).
In a statement, Eggoz said that Sprout Capital worked as an investment banker in the transaction.
“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 of Eggoz.
Eggoz products are currently available in Delhi-NCR, Bangalore, Kolkata, Chandigarh, Jaipur, Lucknow, and other non-metro cities, where the company’s unique hub and spoke business model ensures 1-day freshness and better quality eggs.
Negi said tech-first and farmer-integrated food supply chains are going to be the future of food and farming since consumers are now educated about food safety as they are also beginning to raise concerns on the source of the food that they eat.
Eggs, Negi said, area a core part of Indians’ diet. It is nature’s super food and is considered as a reliable source of protein and other important nutrients.
However, he said that the current state of eggs in India needs to be improved. He said this category has been under-penetrated due to bad hygiene practices, lack of quality standardization, and the presence of an untraceable value chain.
Negi said egg consumption can contribute immensely in solving India’s malnutrition problem. But concerns on the supply chain must be addressed first.
Founded in Bihar in 2017 by IIT Kharagpur alumni Abhishek Negi, Aditya Singh, and Uttam Kumar, Eggoz is an indigenous brand that focuses on bringing high-quality, chemical and antibiotic-free, farm-fresh eggs from local farmers straight to consumer tables.
The firm has built an asset-light farmer integration model that delivers better nutrition and a standardized quality of eggs to the masses at a scale.
As a branded eggs company, Eggoz brings 1-day fresh eggs to consumers via omnichannel. These eggs are sourced directly from farmers who work under a fully integrated model.
Eggoz products are produced with herbal hen feed, tech-based monitoring for birds, and regular veterinarian care.
With technology at the core, the Eggoz platform ensures the processing of millions of eggs across different regions with an aim to build India into a protein-positive country and build the “Amul of eggs”.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures Advisors Pvt Ltd., said the market potential for eggs is very tremendous with it being a major source of protein and a dietary staple for a huge section of India’s 1.4 billion population.
Eggoz is currently building a brand in a $12 billion egg consumption market that is growing exponentially with package penetration of less than three percent (97 percent of total eggs produced are still consumed in an unpackaged format).
With its tech-first approach and supply chain, Eggoz caters to the growing demand of the country and provides higher income for farmers.
Eggoz has grown by more than five times in the last 12 months as it continues to enjoy the support of consumers.