Agri-tech startup Eggoz secures seed funding

Agri-tech startup Eggoz secures seed funding
Team members of Eggoz
18 May, 2020

NUPA Technologies, which owns and operates agri-tech startup Eggoz, has raised Rs 2.5 crore ($329,359 at current exchange rates ) as part of its seed funding round from market research firm Tracxn Labs, US based equity crowdfunding platform Angellist, Tri-Deep Capital and founders of Letstransport, Pushkar Singh, Sudarshan Ravi, and Ankit Parasher.

Other undisclosed angel investors, along with existing investors Narendra Sankar, Sunil Mishra, and Vishal Sharma, also participated in the round.

Founded in 2017 by the Indian Institute of Technology-Kharagpur alumni Abhishek Negi, Aditya Singh, Uttam Kumar, and an engineering graduate from GB Pant University Pankaj Pandey, Eggoz operates a network of egg poultry farms. 

In 2018, the Rajgarh, Madhya Pradesh based company bagged Rs 1.2 crores ($176,000 then) from a clutch of angel investors. 

“India 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’s passion to solve this market,” said Abhishek Goyal, founder, Tracxn Labs.

Eggoz says it has sold over 2 crore eggs and has more than 1,00,000 birds under management. 

It works with farmers at several locations in North India including Uttar Pradesh and Bihar. Eggoz claims to use cutting-edge nutritional engineering and technology to produce high quality and nutrition-rich eggs.  

“Eggoz poultry farming is one of the most profitable and stable business to generate allied income for many marginal farmers as well as to fulfil protein enriched food requirement of the growing population,” Kumar said.

Agri tech space has seen quite a few deals in the recent weeks. Recently, artificial intelligence (AI)-based agritech startup Intello Labs raised $5.9 million in Series A funding round, led by new investor Saama Capital. Business-to-business (B2B) agritech startup Clover Ventures also bagged about $922,500 in venture debt from Alteria Capital.

In April, Gurugram-based Krishiacharya Technologies, which owns business-to-business (B2B) agritech platform Bijak, secured $11.8 million (around Rs 90.8 crore) in a Series A round led by Moscow headquartered venture capital firm RTP Global. Agritech platform DeHaat raised $12 million in Series A round of funding, led by venture capital firm Sequoia India.