[Funding alert] Agritech startup Eggoz raises $1.5M from Avaana Capital and Rebright Partners
Bihar-based egg producer and agritech startup Eggoz has raised a funding of $1.5 million in a pre-Series A round from Avaana Capital and Rebright Partners.
Founded in 2017, Eggoz has sold over 25 million eggs, with over 100 thousand birds under management. The startup will use the funds to expand into newer markets, launch new products, grow its supply base, and strengthen its tech platform.
“India produces more than 100 billion eggs every year. However, the category has seen minimum innovation and product development, and lacks a consumer-focused brand, serving the country’s growing need for fresh and nutritious food products. Eggoz wants to be the preferred brand for both consumers and farmers. We look forward to partnering with Avaana Capital and Rebright Capital to scale our business and realize this vision,” said Abhishek Negi, Co-founder, Eggoz.
Eggoz sources eggs directly from farmers through a deep integration model. The startup provides technology-backed support to egg farmers for boosting quality and productivity, enabling the company to build and maintain a supply of consistently high quality produce.
Farmers benefit from higher earnings, faster income generation, access to financing, and lower minimum capex outlay requirements, the company claims. By organizing the farmer supply chain and improving yield quality, Eggoz helps to increase farmers’ incomes and bring quality fresh produce to consumers, it said.
“We are bullish about the agriculture supply chain digital transformation. We believe that Eggoz is the right partner by building a sustainable integration model on the supply side and delivering quality products to the end consumers,” said Takeshi Ebihara, Partner, Rebright Partners.
Founded by Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey, Eggoz secured Rs 2.5 crore in seed funding in May this year. The startup had earlier received Rs 1.2 crore from a clutch of angel investors.
Edited by Teja Lele Desai