Eggoz Raises $8.8 Mn In Series B Round Led By IvyCap Ventures 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 claims to deliver better nutrition and standardized quality of eggs to masses at scale
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Eggoz, an indigenous brand that focuses on bringing high-quality, chemical and antibiotic-free farm-fresh eggs from local farmers straight to consumer tables, has raised $8.8 million in a series B funding round led by Mumbai-based IvyCap Ventures Pvt Ltd.
The round also saw participation from existing investors NABVENTURES, Avaana Capital and Rebright Partners and other angel investors, such as Vishesh Khurana, co-founder, Shiprocket, Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, Vivek Kapoor, Khalid Qazi, etc. 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 claims to deliver better nutrition and standardized quality of eggs to masses at scale.
"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," said Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors Pvt Ltd.
"We believe that tech-first and 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," said Abhishek Negi, co-founder of Eggoz.
Currently, Eggoz products are available in Delhi-NCR, Bangalore, Kolkata, Chandigarh, Jaipur, Lucknow and other non-metro cities.
