[Funding Alert] Eggoz Raises $1.5 Mn From Avaana Capital And Rebright Partners
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Agritech startup Eggoz on Wednesday announced it has raised $1.5 million in pre-Series A funding round from Avaana Capital and Rebright Partners.
The Bihar-based startup provides technology-backed support to egg farmers for boosting quality and productivity, enabling the company to build and maintain a supply of quality produce. Farmers benefit from higher earnings, faster income generation, and access to financing, and lower minimum Capex (capital expenditure) outlay requirements.
“India produces more than 100 billion eggs every year. However, the category has seen minimum innovation and product development and lacks a consumer-focused brand serving the country’s growing need for fresh and nutritious food products,” commented Abhishek Negi, co-founder, Eggoz.
By organizing the farmer supply chain and improving yield quality, the company tries to make an active effort to increase the farmer’s income. The company has structured a scalable farmer integration model and fast supply chain to provide fresh eggs to clients.
“Eggoz wants to be the preferred brand for both consumers and farmers. We look forward to partner with Avaana Capital and Rebright Capital to scale our business and realize this vision,” Negi added.
Founded in 2017, Eggoz is the vision of Negi with Uttam Kumar, Aditya Singh, and Pankaj Pandey and has sold over 25 million eggs, with over 100 thousand birds under management.
“We are excited to partner with the Eggoz team to innovate in a new category that addresses the nutritional needs of emerging middle India as well as leverages technology to organize the supply chain providing efficiency and income enhancement to farmers,” stated Avaana Capital founder Anjali Bansal
The agritech startup will use the funds to expand into newer markets, launch new products, expand its supply base, and strengthen its tech platform.
“We are bullish about the agriculture supply chain digital transformation, also willing to contribute to national food/health environment improvement. We believe that Eggoz is the right partner for that by building a sustainable integration model on the supply side and deliver quality products to the end consumers,” mentioned Takeshi Ebihara, partner at Rebright Partners, while commenting on the investment.