Gurgaon-based Eggoz, an egg-focused Agri consumer tech brand, has raised $8.8 million in a Series B funding round led by IvyCap Ventures, a Mumbai-based investment firm.
The Series B round also saw participation from the existing investors NABVENTURES, Avaana Capital, Rebright Partners and angel investors, including Vishesh Khurana (Shiprocket), Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, and Vivek Kapoor.
According to the startup, the raised capital would be used to expand its business, hire talent, and grow its community.
Eggoz, founded in Bihar in 2017, claims to deliver fresh eggs from farms to retailers in 24 hours. The startup said it has built an asset-light farmer integration model that delivers nutrition and eggs to masses at scale.
Currently, it sells its products in Delhi-NCR, Bengaluru, Kolkata, Chandigarh, Jaipur, Lucknow, and other non-metro cities.
“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 the supply chain must be solved to ensure eggs can deliver on their promises,” said Abhishek Negi, who co-founded Eggoz along with Aditya Singh, and Uttam Kumar.
Commenting on the investment, Vikram Gupta, Founder & Managing Partner, IvyCap Ventures Advisors, 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.”
Source @Indianstartupnews
