Nupa Technologies Pvt. Ltd, which operates a network of layer poultry farms named Eggoz, has raised Rs 1.2 crore ($176,000) in seed funding from a clutch of angel investors.
The investors include Narendra Sankar, Vishal Sharma, Anurag Jhanwar, Mohini Jhanwar, and Sunil Mishra.
Mishra is currently chief operating officer of the housing business at IL&FS Township and Urban Assets Ltd. Previously, he was chief business officer at online real estate platform PropTiger.
Anurag Jhanwar is co-founder and partner at boutique advisory firm Fintrust Advisors LLP. He was earlier business head of consulting and data insights at PropTiger and Makaan.
Earlier this month, Taiwan-based Narendra Sankar joined the board of Eggoz as a director, according to the Ministry of Corporate Affairs website.
Eggoz said in a statement that it is a full-stack producer of high-quality eggs. Its farms spread across Bihar and Madhya Pradesh function on an asset-light model, the firm added.
The company plans to use the fresh capital for research & development and to expand its business and build a layer poultry farm at Nalanda in Bihar.
"We saw huge gaps in the market with southern states producing close to 70% of India’s total output,” said Eggoz co-founder Abhishek Negi. “Going forward, we see a huge scope for innovation in production of raw ingredients as well as retail of eggs and processed items.”
Incorporated in December 2017, the startup was founded by Indian Institute of Technology-Kharagpur alumni Negi, Uttam Kumar and Aditya Singh as well as Pankaj Pandey, who is an engineering graduate from GB Pant University.
Kumar was the co-founder of 3DPhy, an augmented reality startup which was acquired by PropTiger in August 2016. Pandey and Singh also worked at 3DPhy, according to LinkedIn.
Eggoz has a total capacity of 1,00,000 hens. It aims to scale operations to 5,00,000 hen capacity by 2020 with a focus on northern states.