India-based Eggoz, an Agritech startup egg brand that provides fresh, chemical-free eggs from integrated farms, raised USD 3.5 million on 24th December 2021.
Investors: The investment round was led by NABVENTURES (a VC fund anchored by National Bank for Agriculture and Rural Development: NABARD), alongside Avaana Capital, Rebright Partners, Bellerive Capital and angel investors Sanjiv Rangrass and Indresh Saluja.
Purpose of funding: The startup intends to use the new funding to accelerate growth as it expands its brand footprint, launches value-added products based on eggs, and enters new geographies. It is also working to streamline the delivery process to serve customers better.
About Eggoz
Founded in 2017 by Abhishek Negi, Aditya Singh, Pankaj Pandey, and Uttam Kumar, Eggoz is located in Gurgaon, India. Eggoz is an Agritech startup egg brand that provides fresh, chemical-free eggs from integrated farms. The startup aims to enhance the lives of rural egg farmers and improve people’s protein consumption. It collaborates with farms to implement agriculture software and IoT platforms to ensure birds are fed only natural feed. The startup also provides guidance and technology to aid the process.
In the past, feeding contaminants or using feed like DDGS without knowing their nutritional value could negatively affect egg production. All the eggs obtained by Eggoz undergo 11 safety checks after procurement, including pH testing, proper grading, cleaning, and UV sanitizing. Furthermore, Eggoz utilizes a variety of consumer channels, such as local stores, mini-supermarkets, and direct-to-consumer (D2C) websites.
What the founder has to say
“Eggoz is a vertically integrated farm-to-consumer startup, building a brand in a $12B egg consumption market that is growing at 15% CAGR and 98% of total eggs are still consumed in unpackaged format. We, at Eggoz, are building the first nationwide farm to consumer brand that is centred around superior quality, high bioavailable nutrition and freshness. Over the past four years, we have developed our quality integration model and are now poised for rapid growth. I am thrilled to partner with NABVENTURES for the next phase of growth and our existing investors Avaana and Rebright for supporting us through thick and thin. I welcome all the investors to the Eggoz table as we scale the brand and platform to new heights and make Eggoz a household brand name,” said Abhishek Negi, Co-founder at Eggoz.
What the investors have to say
“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 at NABVENTURES.
“We are seeing newer brands being created across consumer categories on the back of quality-linked premiumization, and a large white space exists in the eggs category. Eggoz’s vertically integrated model enables them to offer superior quality products to their consumers. We are excited to continue our journey with the team as they build the largest and most-loved eggs brand in the country,” said Anjali Bansal, Founder at Avaana Capital.
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