Eggoz Receives Rs 1.2 Crores from Angel Investors
Eggoz, an egg producer and agri-tech startup has successfully raised Rs 1.2 crores from angel investors Narendra Sankar, Sunil Mishra, Vishal Sharma, Anurag Jhanwar and Mohini Jhanwar. The funding wll be used to expand the businesses in states Madhya Pradesh and Bihar, also to build a company owned farm in Nalanda, Bihar.
Abhishek Negi, Co-Founder, Eggoz, says, “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 percent of India’s total production. So, we started Eggoz to revolutionize egg industry and contribute in eradication of malnutrition by bringing fresh & nutrition-rich eggs to everyone. Going forward, we see a huge scope for innovation in production of raw ingredients as well as retail of eggs and processed items.”
Founded by IIT Kharagpur alumni Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey in December 2017, Eggoz is a full-stack egg producer using cutting-edge technology to produce high quality and nutrition-rich eggs and runs with higher efficiency with smart technology and processes. The company aims to scale operations to 5,00,000 hen capacity by 2020 with the focus on Northern states. It also operates a network of egg poultry farm spread across Bihar and Madhya Pradesh.
Narendra Sankar, investor in Eggoz, says, “With the continuing growth of the human population towards nine billion by 2050, there is a significant pressure 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 classes 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.”
Read more news:
India-based InMobi joins Microsoft to help marketers grow big