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Agritech startup Eggoz raises Rs 2.5 crore to fund expansion

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Business Finance

Press Trust of India  |  New Delhi 

Agritech startup Eggoz, which is into the business of egg production, has raised Rs 2.5 crore from investors to fund its expansion plans.

Founded in December 2017, the startup is a full-stack egg producer of nutrition-rich eggs. It operates a network of poultry farms in Bihar and Madhya Pradesh.

Eggoz has raised Rs 2.5 crore as part of its seed funding. It had earlier secured Rs 1.2 crore from a clutch of angel investors.

The seed funding round saw participation of investors like Tracxn Labs, Angellist, Tri-Deep Capital, founders of Letstransport, and angel investors along with existing investors - Narendra Sankar, Sunil Mishra, and Vishal Sharma, the company said.

Eggoz has so far sold over two crore eggs and has more than 1,00,000 birds under management. It has developed a new farming model for small-scale commercial egg farming.

With Eggoz's technology and integration platform, farmers can rear flock sizes starting from 500 birds at affordable initial investment and less land requirement, said Uttam Kumar, founder of the company.

With these efforts, Eggoz poultry farming is one of the most profitable and stable businesses to generate allied income for many marginal farmers as well as to fulfill protein-enriched food requirement of the growing population, Kumar added.

Eggoz works with farmers at several locations in north India, using nutritional engineering and technology.

Abhishek Goyal, Founder of Tracxn Labs, said: India's egg supply chain is largely unorganised. There is an opportunity for a player to implement best practices in production and create a trustworthy consumer brand. We were quite impressed by the founding team passion to solve this market.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 18 2020. 10:24 IST
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