Eggoz, an egg-focused consumer brand, has raised Series B funding of $8.8 million led by Mumbai-based IvyCap Ventures Pvt Ltd, it said in a statement.
Existing investors Nabventures, Avaana Capital, and Rebright Partners also participated in the round besides angel investors including Vishesh Khurana of Shiprocket, Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, Vivek Kapoor of Dineout, Khalid Qazi of Swiggy, and others.
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Eggoz said the funding will be targeted towards expanding its business footprint by ramping up market expansion, invest in the supply chain, while bringing on additional talent and growing its community.
Founded in Bihar with a poultry farm in 2017 by Abhishek Negi, Aditya Singh and Uttam Kumar, Eggoz delivers fresh eggs from farms to retailers in 24 hours.
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Eggoz has built an asset-light farmer integration model that delivers better nutrition and standardized quality of Eggs to masses at scale. Currently, Eggoz products are available in Delhi-NCR, Bangalore, Kolkata, Chandigarh, Jaipur, Lucknow, and other non-metro cities.
While Eggoz is yet to disclose its financials for FY22, its operating revenue surged 53.2% to Rs 11.75 crore in FY21 as compared to Rs 7.67 crore in FY20. As per its annual financial statement with the RoC, the company’s losses jumped 3.3X to Rs 5.25 crore in FY21 against Rs 1.57 crore in FY20.
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