Eggoz funding: raises Rs.2.5Crores in seed round
In another round of seed funding, Eggoz- an agritech startup raises Rs. 2.5Crores. The round includes a group of Investors likeTracxn Labs, Angellist, Tri-Deep Capital, founders of Letstransport, and angel investors. In its first round of seed funding it raise Rs.1.2Crores.
The early-stage company wants to use funds to grow and expand its scope of operations. “With Eggoz’s technology and integration platform, farmers can rear flock sizes starting from 500 birds at affordable initial investment and less land requirement,” said Uttam Kumar, founder of the company.
Abhishek Goyal, Founder of Tracxn Labs, said: “India’s egg supply chain is largely unorganized. There is an opportunity for a player to implement best practices in production and create a trustworthy consumer brand. We were quite impressed by the founding team passion to solve this market.”
Founded by Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey in December,2017. Eggoz works on the concept of Healthier and nutritious eggs produce at large scale. It works with a network of poultry farms in Bihar and Madhya Pradesh.
The company has sold 2Crores of eggs till date with 100K+ birds under management. All Eggoz eggs are produced in deep integration with farmers.
Eggoz provides assistance from farm inputs to purchase guarantee, so that farmers can focus all energy on the birds.
Founder and CEO of StartupLanes, Shishir Gupta says, after situations like COVID-19 we need to focus more on hygiene and sanitation. People are now more cautious about their health. They are now very specific about the products. We really need to focus on the supply chain of each and the product we are consuming. And Eggoz is wonderfully considering these aspects. The focal point of Eggoz is they have successful farm management and training with smart farm technology. Startups like Eggoz have a clear vision of benefiting its customers and all the shareholders, which should be the cornerstone of every startup.
India is the second-largest egg producer in the world. The Indian poultry market, consisting of broilers and eggs was worth INR 1,494 Billion in 2017. The market is further projected to reach INR 3,775 Billion by 2023, at a CAGR of 16.5% during 2018-2023.