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Business

Updated on: Thursday, December 23, 2021, 12:04 AM IST

Eggoz raises $3.5 mn in Series A round from Nabventures Fund, existing investors

With this funding, Eggoz is poised for increased growth as it raises its brand footprint, launches egg-based value-added products, and enters new geographies. |

With this funding, Eggoz is poised for increased growth as it raises its brand footprint, launches egg-based value-added products, and enters new geographies. |

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Eggoz, India's only egg-focused consumer brand for fresh and chemical-free eggs, has raised Series A funding of $3.5 million led by NABVENTURES (a VC fund anchored by National Bank for Agriculture and Rural Development: NABARD), with participation from Avaana Capital, Rebright Partners, Bellerive Capital and angel investors Sanjiv Rangrass and Indresh Saluja.

With this funding, Eggoz is poised for explosive growth as it increases its brand footprint, launches egg-based value-added products, and enters new geographies.

The egg production in India is concentrated in the Southern states. At the same time, there are hardly any scaled-up production facilities in the North, resulting in extended supply chains and multiple intermediaries, with eggs reaching consumers in the North after 4-7 days, lacking in freshness and quality. Eggoz said it plans to address this gap in the procurement and supply of eggs in North India.

Founded by Abhishek Negi, Uttam Kumar, Aditya Singh who are alumni of IIT Kharagpur and Pankaj Pandey, Gurgaon-based Eggoz procures and delivers fresh and chemical-free eggs from farm to retailers within 24 hours of laying.

Apart from its primary presence in Delhi-NCR, Eggoz is also present in major cities like Allahabad, Bhopal, Chandigarh, Indore, Patna and Ranchi.

The brand closely works with farmers under a fully supported integration model, ensuring 100 percent natural feed to birds and deploying IoT and farmer app tech platforms. Eggoz said in a press statement that it ensures that all eggs undergo 11 safety checks, including pH tests, proper grading, cleaning, and UV sanitisation after procurement. Packed Eggoz boxes are then sold via Omni-channels, including Kirana stores, mini-supermarkets e-commerce platforms and online D2C.

"Eggoz is a vertically integrated farm-to-consumer startup, building a brand in a $12 billion egg consumption market that is growing at 15 percent CAGR and 98 percent of total eggs are still consumed in unpackaged format. Over the past four years, we have developed our quality integration model and are now poised for rapid growth," said Abhishek, Co-founder of Eggoz.

"We in Nabventures believe that this initiative of Eggoz will bring egg production closer to the consumption centres in North India while augmenting farmers' income. We shall be working closely with Eggoz to deepen their penetration in the rural areas amongst farmers and other community groups," said Gills John, Vice President, Nabventures.

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Published on: Wednesday, December 22, 2021, 04:40 PM IST
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