Branded eggs start-up Eggoz has raised $ 3.5 million in Series A funding round. The round was led by NABVENTURES, which is a VC fund anchored by National Bank for Agriculture and Rural Development.
The round also saw participation from Avaana Capital, Rebright Partners, Bellerive Capital and angel investors Sanjiv Rangrass and Indresh Saluja.
The start- up said it will use the fund to increase its brand footprint, launch egg-based value-added products, and enter new geographies.
Founded by Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey, Gurgaon-based Eggoz is a focused consumer brand for eggs, which procures and delivers fresh and chemical-free eggs from farm to retailers within 24 hours of laying.
“Eggoz is a vertically integrated farm-to-consumer startup, building a brand in a $12 billion egg consumption market that is growing at 15 per cent CAGR and 98 per cent of total eggs are still consumed in unpackaged format. We are building the first nationwide farm to consumer brand 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, “ said Abhishek Negi, Co-founder of Eggoz.
Aims to supply in North India
Egg production in the country is concentrated in the Southern states and there not many production facilities in the North, resulting in extended supply chains and multiple intermediaries, with eggs reaching consumers in the North 4-7 days later. The start-up said it aims to address this gap in the procurement and supply of eggs in North India.
“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
Apart from Delhi-NCR, Eggoz is also present in other key cities like Allahabad, Bhopal, Chandigarh, Indore, Patna and Ranchi.