Latest News | Eggoz Raises USD 1.5 Mn from Avaana Capital, Rebright Partners

New Delhi, Nov 4 (PTI) Agritech startup Eggoz, which is into the business of egg production, has raised USD 1.5 million (around Rs 11 crore) from venture capital firms Avaana Capital and Rebright Partners.

Founded in December 2017, the startup is a full-stack egg producer of nutrition-rich eggs. It operates a network of poultry farms in Bihar and Madhya Pradesh. Eggoz was formed by Abhishek Negi, Uttam Kumar, Aditya Singh, and Pankaj Pandey.

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In pre-Series A round, Avaana Capital and Rebright Partners have infused USD 1.5 million in Nupa Technologies, owner of Eggoz, a company statement said.

It has sold over 25 million eggs, with over 100 thousand birds under management.

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"The company will use the funds to expand into newer markets, launch new products, expand its supply base, and strengthen its tech platform," the statement said.

In May, Eggoz had raised Rs 2.5 crore as part of its seed funding. It had earlier secured Rs 1.2 crore from a clutch of angel investors.

Abhishek Negi, Co-founder, Eggoz, said, "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."

The startup aims to be the preferred brand for both consumers and farmers, he said, adding that the funding would help in scaling the business.

Eggoz is building a farm-to-consumer brand for eggs and allied products. It is offering a range of fresh, antibiotic-free, and high-nutrition products catering to different consumer segments.

The company said it is building a scalable farmer integration model and fast supply chain to provide fresh eggs to consumers.

Eggoz sources eggs directly from farmers. It provides technology-backed support to egg farmers for boosting quality and productivity, enabling the company to build and maintain a supply of consistently high quality produce.

Farmers benefit from higher earnings, faster income generation, access to financing, and lower minimum capex outlay requirements, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)