SUMMARY
The Series B funding saw participation from NABVENTURES, Avaana Capital, and Rebright Partners
Eggoz said it will utilise the fresh funds to expand its business footprint and hire fresh talent
The funding round comes a year after it raised $3.5 Mn in its Series A round
Gurugram-based egg-focused consumer startup Eggoz has raised $8.8 Mn in its Series B round of investment. The funding round was led by IvyCap Ventures and also saw participation from its existing investors such as NABVENTURES, Avaana Capital, and Rebright Partners.
Angel investors such as Vishesh Khurana of Shiprocket, Ankit Mehrotra, Nikhil Bakshi, and Vivek Kapoor of Dineout also participated in the round.
The startup said it will utilise the fresh funds to expand its business footprint and hire fresh talent. The funding round comes exactly a year after the startup raised $3.5 Mn in its Series A round in December last year.
Founded in 2017 by Abhishek Negi, Uttam Kumar, and Aditya Singh, Gurugram-based Eggoz procures fresh, chemical-free eggs from farmers and delivers them to retailers, supposedly within 24 hours of laying.
It has presence in Delhi-NCR, Bengaluru, Kolkata, Chandigarh, Jaipur, Lucknow, Allahabad, Bhopal, Chandigarh, Indore, Patna and Ranchi, among others. The startup claims that its eggs are rich in protein, Omega-3, and amino acids.
The startup, which calls itself “Amul of eggs”, also claims to maximise farmers’ earnings by deploying IoT infrastructure and other technologies. The startup earlier launched ‘Pragati Poultry Technology Platform’ to simplify egg farming in the country. The platform claims to assist farmers in starting a farm with adequate financial and technical support.
According to The Economic Survey 2021-22, India was the third largest producer of eggs in the world. Egg production in the country increased from 78.48 Bn in 2014-15 to 122.11 Bn in 2020-21. The per capita availability of eggs in India in 2020-21 was 91 eggs per annum.
The fundraise comes at a time when Indian startups are struggling to secure fresh capital amidst the ongoing funding winter. As per Inc42 data, funding raised by Indian startups declined 73% year-on-year to $1.1 Bn in November 2022. Indian startups raised $24 Bn in 2022 till November 29 as against $37 Bn in the entire 2021.
