Kurawar, Madhya pradesh-based egg producer and agri-tech startup Eggoz has raised Rs 1.2 crores from clutch of angel investors including Narendra Sankar, Sunil Mishra, Vishal Sharma, Anurag Jhanwar and Mohini Jhanwar.
Founded by IIT Kharagpur alumni Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey in December 2017, Eggoz operates a network of egg poultry farm spread across Bihar and Madhya Pradesh. It is a full-stack egg producer using cutting-edge technology to produce high quality and nutrition-rich eggs. Eggoz farms are run with higher efficiency with smart technology and processes.
Eggoz runs 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 and remainder under construction.
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 revolutionise 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.”
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 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 is 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.”
Notably, Before Eggoz, an another Madhya Pradesh based agriculture startup Carmel Organics had raised an undisclosed amount from Ankur Capital, in March this year. Carmel is a poducer & supplier of world class medicinal herbs, organic herbs and spices.
In February, Ankur Capital had invested in agritech startup, Agricx Lab, which has developed an AI-overlayed imaging technology for agri-produce quality assessment.
Of late, a lot of action can be seen in the field of agri-tech in India, as last month Israel’s Tel Aviv University and Tata Trusts launched the Indian Centre for Agri & Allied Tech (I-CAT) that will bring Israeli know-how and innovation to the farmers of the state of Andhra Pradesh in southern India.
In the same month, government of India’s policy think-tank NITI Aayog has partnered IBM to develop a crop yield prediction model using artificial intelligence (AI) to provide real time advisory to farmers in backward states of India.