Egg-focused consumer brand Eggoz on Wednesday said it has raised USD 3.5 million (over Rs 25 crore) in Series-A funding, led by NABVENTURES, a venture capital fund anchored by National Bank for Agriculture and Rural Development.
The round also saw participation from Avaana Capital, Rebright Partners, Bellerive Capital and angel investors Sanjiv Rangrass and Indresh Saluja, the company said in a statement. The funds will be used for increasing brand footprint, launching of egg-based value-added products and entering new geographies, it added. The start-up is primarily present in Delhi-NCR, apart from having footprints in Allahabad, Bhopal, Chandigarh, Indore, Patna and Ranchi.
It works with farmers under a fully supported integration model, ensuring 100 per cent natural feed to birds and ensures that all eggs undergo 11 safety checks. These include pH tests, proper grading, cleaning, and UV sanitisation after procurement before they are packed and sold to kirana stores, mini-supermarkets, e-commerce platforms and online direct-to-consumer. “In the past four years, we have developed our quality integration model and are now poised for rapid growth,” Eggoz co-founder Abhishek said adding that the support of NABVENTURES and existing investors Avaana and Rebright will help propel the next phase of growth.
NABVENTURES Vice-President Gills John said, “This initiative of Eggoz will bring egg production closer to the consumption centres in North India while augmenting farmers’ income. We shall be working closely with Eggoz to deepen their penetration in the rural areas amongst farmers and other community groups.”
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