Agritech startup Eggoz raises $8.8 million
Egg-focused consumer brand Eggoz said it has raised $8.8 million (Rs 66 crore) in Series B funding, led by Mumbai-based IvyCap Ventures. The brand sells premium eggs online and offline through organised trade channels. The funding round a mix of primary investment and secondary share sale – also saw participation from existing investors Nabventures, a venture capital fund anchored by National Bank for Agriculture and Rural Development, Avaana Capital, and Rebright Partners.
Angel investors in the round included Shiprocket cofounder Vishesh Khurana; Dineout founders Ankit Mehrotra, Sahil Jain, Nikhil Bakshi and Vivek Kapoor; and Swiggy vice president for sales Khalid Qazi. Founded in Bihar in 2017 by IIT Kharagpur alumni Abhishek Negi, Aditya Singh and Uttam Kumar, Eggoz owns and manages about 10 poultry farms across the country. It claims its eggs are fresher and more nutritiou eggs because of its quality controls and one-day delivery promise.
Negi said that farmers on its network end up with about 40% higher margins from selling its eggs than from selling unbranded and unpackaged ones. The company's eggs start at Rs 11 each. It has 10 products in total, including free range eggs and brown eggs. Eggoz also has a business-to-business (B2B) arm, which it launched earlier this year but is yet to scale to a steady state.
The fresh capital will be used to expand its business footprint and for hiring, the company said. “Eggs being a major source of protein and a dietary staple for a huge section of India's 1.4 billion people, the market potential is tremendous. Eggoz, with its unique model, has the potential to capture this market and become the leader in this segment,” said Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors.
Currently, Eggoz is available in the National Capital Region, Bengaluru, Kolkata, Chandigarh, Jaipur, Lucknow, and a few other towns, through a hub-and-spoke business model. In total, it has raised over Rs 100 crore in funding across rounds in May and November 2020, and December 2021. Eggoz has grown more than five-fold in 12 months, the statement added.
Angel investors in the round included Shiprocket cofounder Vishesh Khurana; Dineout founders Ankit Mehrotra, Sahil Jain, Nikhil Bakshi and Vivek Kapoor; and Swiggy vice president for sales Khalid Qazi. Founded in Bihar in 2017 by IIT Kharagpur alumni Abhishek Negi, Aditya Singh and Uttam Kumar, Eggoz owns and manages about 10 poultry farms across the country. It claims its eggs are fresher and more nutritiou eggs because of its quality controls and one-day delivery promise.
Negi said that farmers on its network end up with about 40% higher margins from selling its eggs than from selling unbranded and unpackaged ones. The company's eggs start at Rs 11 each. It has 10 products in total, including free range eggs and brown eggs. Eggoz also has a business-to-business (B2B) arm, which it launched earlier this year but is yet to scale to a steady state.
The fresh capital will be used to expand its business footprint and for hiring, the company said. “Eggs being a major source of protein and a dietary staple for a huge section of India's 1.4 billion people, the market potential is tremendous. Eggoz, with its unique model, has the potential to capture this market and become the leader in this segment,” said Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors.
Currently, Eggoz is available in the National Capital Region, Bengaluru, Kolkata, Chandigarh, Jaipur, Lucknow, and a few other towns, through a hub-and-spoke business model. In total, it has raised over Rs 100 crore in funding across rounds in May and November 2020, and December 2021. Eggoz has grown more than five-fold in 12 months, the statement added.
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