Egg producer and agri-tech startup Eggoz secures Rs 1.2 Crores funding from a series of angel investors
Egg producer and agri-tech startup Eggoz has raised Rs 1.2 crores from a clutch of angel investors including Narendra Sankar, Sunil Mishra, Vishal Sharma, Anurag Jhanwar and Mohini Jhanwar. Eggoz is a full-stack egg producer using cutting-edge technology to produce high quality and nutrition-rich eggs. Eggoz runs a network of multiple farms at various locations; producing predictable quality eggs. The company has total bird capacity of 1,00,000 hen with 65,000 hen operational farms.
The company intends to use the capital to expand their business in states Madhya Pradesh and Bihar. The funds will also be used to build a company-owned farm in Nalanda, Bihar which will act as a model farm to attract clients, and for research and development. The company aims to scale operations to 5,00,000 hen capacity by 2020 with focus on Northern states.
Commenting on the development, Mr. Abhishek Negi, Co-founder of Eggoz, said, “India has a “serious” hunger problem and ranks 100th out of 119 countries on the global hunger. Egg is a wholesome nutritious food which is available at affordable price. We saw huge gaps in the market with Southern states producing close to 70% of India’s total production. So, we started Eggoz to revolutionize egg industry and contribute to the eradication of malnutrition by bringing fresh & nutrition-rich eggs to everyone. Going forward, we see a huge scope for innovation in the production of raw ingredients as well as retail of eggs and processed items.”
Pankaj Pandey, Co-Founder of Eggoz added, “At our current running capacity, we have a daily demand of 10MT maize and 2MT of soybean that we are currently sourcing directly from farmers and providing them higher returns than the market. Going forward, we plan to adopt some villages and equip farmers with modern farming practices with the best possible guaranteed returns for their crops. Eggoz is just the beginning of a new agriculture era and we strive to take Indian agriculture to the next level.
Mr. Narendra Sankar, an investor in Eggoz said, “With the continuing growth of the human population towards 9 billion by 2050, there is significant pressures to feed this growth using limited resources. Villages across India and other rapidly urbanizing economies are losing their ability to enable economic incentives, using their valuable land, to provide sustenance to the local and regional populations. Eggoz is one of the emerging class of companies that are using sensible technology to enable sustained and economical use of this land to provide the key needed nutrition for the children of the region, resulting in significant financial as well as developmental benefits.”