Nupa Technologies Pvt. Ltd, which operates agricultural-technology and poultry farming startup Eggoz, on Wednesday said it has raised $1.5 million (Rs 11.15 crore) in fresh capital from new investors.
The funding was raised from Avaana Capital, a mid-market private equity firm floated by former TPG executive Anjali Bansal, and venture capital firm Rebright Partners, said Eggoz in a statement.
The company will use the funds to expand, boost its technology and roll out new products, it added.
Nalanda-based Eggoz was founded in December 2017 by Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey. The company works with farmers to promote poultry farming, with flock sizes starting at 500 birds. The startup says it has sold over 25 million eggs, with over a 1,00,000 birds under management.
Eggoz had raised Rs 1.2 crore in seed funding from a clutch of angel investors in 2018. Earlier in May this year, it raised Rs 2.5 crore (around $329,000) in its extended seed funding round from a bunch of investors.
Avaana Capital's Bansal said that the company invested in Eggoz as the startup seeks to innovate in a new category that addresses the nutritional needs of emerging middle India as well as leverages technology to organize the supply chain to boost income for farmers.
Takeshi Ebihara, partner, Rebright Partners, said that the venture capital firm is bullish about the digital transformation of agriculture supply chain.
Deals in agri-tech
A slew of tech startups focused on agriculture have attracted funding from investors in the past few months. A bunch of venture capital funds VCCircle spoke with had said that startups in the agri space would benefit from the coronavirus pandemic.
In October, Ninjacart, a business-to-business marketplace for agricultural produce, raised money in a follow-on round of funding from US retail giant Walmart Inc and its Indian e-commerce arm Flipkart.
BharatAgri (formerly LeanAgri) and Krishitantra also raised funding last month.