Poultry startup Eggoz raises fresh funds.
Egg manufacturers Eggoz has secured seed funding from group of angel investors. The seed funding round amounting to Rs 1.2 crore ($176,000) saw participation of investors like Narendra Sankar, Vishal Sharma, Anurag Jhanwar, Mohini Jhanwar, and Sunil Mishra.
Eggoz intends to use the seed funding for R&D purpose and to build a new poultry plant in Bihar’s Nalanda city. The startup already owns several farms across Madhya Pradesh and Bihar, according to its latest filings with Ministry of Corporate Affairs.
The management states that it currently has 1,00,000 hens and aims to increase this number by 5,00,000 hens within the span of two years for targeting the North Indian market. The startup, which is based in Madhya Pradesh’s Kurawar city, claims that North India still lags behind its southern counterpart in egg manufacturing.
Founded in December last year, Eggoz is a brainchild of four inspiring entrepreneurs – Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey. Their dream is to transform north India into production hub for quality eggs.
This appears to be an ambitious dream, since today almost 70% of eggs are sourced from Southern India. A gap that Eggoz aims to close by substantial margin in the matter of few years.
Besides, egg production in India is a highly unorganized market, with local and unbranded players clearly dominating the scenario. Comparatively, the size of organized market is still very small, leaving a herculean task for startups like Eggoz