Eggoz, an egg-focused consumer brand, has raised Series B funding of $8.8 million led by Mumbai-based IvyCap Ventures Pvt Ltd, it said in a statement.
Existing investors Nabventures, Avaana Capital, and Rebright Partners also participated in the round besides angel investors including Vishesh Khurana of Shiprocket, Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, Vivek Kapoor of Dineout, Khalid Qazi of Swiggy, and others.
Eggoz said the funding will be targeted towards expanding its business footprint by ramping up market expansion, invest in the supply chain, while bringing on additional talent and growing its community.
Founded by Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey, Eggoz, operated by Eggroz Farmz Pvt Ltd., procures fresh and chemical-free eggs from farmers to deliver it to consumers through omnichannel within 24 hours, through its fully-integrated model.
The company currently has a presence in Delhi-NCR, Bangalore, Kolkata, Chandigarh, Jaipur, Lucknow, and other non-metro cities. “With this funding, we plan to take Eggoz to more geographies and have a larger impact on the lives of both farmers and consumers,” added Negi.
The latest round follows the startup’s funding round led by Nabventures in December 2021.
“Eggs are a core part of Indians’ diet. It is nature’s super food and a reliable source of protein & all the important nutrients,” he added.
“However, the current state of eggs in India needs to improve, where this category has been under-penetrated in terms of bad hygiene practices, no quality standardization, and untraceable value chain. We believe the supply chain must be solved to ensure eggs can deliver on their promises.”
The company claims to have grown by more than 5 times in 12 months.
“Eggs being a major source of protein and a dietary staple for a huge section of India's 1.4 billion population, the market potential is tremendous. Eggoz, with its unique model, has the potential to capture this market and become the leader in this segment,” said Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors Pvt Ltd.
