Eggoz to utilise Series B fundraise of $8.8 million for business expansion

Eggoz, an indigenous brand that focuses on bringing high-quality, chemical and antibiotic-free, farm-fresh eggs from local farmers straight to consumer tables recently raised $8.8 million in its Series B funding.

The round was led by Mumbai-based IvyCap Ventures and also saw participation from existing investors – Nab Ventures, Avaana Capital, Rebright Partners and other angel investors.

In an interview to CNBC-TV18, Co-Founder of the company Abhishek Negi, said that they plan to expand to Mumbai, Hyderabad and Chennai with the fresh fundraise.

“With this fresh funding, we are looking at pan India expansion. Over the last 2-3 years we have proven the business model to deliver quality egg products to consumers in various distributed locations like Delhi, Bangalore and Kolkata. Now we are looking to scale this up to rest of the metros like Mumbai, Hyderabad, Chennai and also other nearby cities,” Negi said.

Negi added, “We have already seen growth of 5 times in the last 12 months and in the coming months and years we are looking to scale Eggoz by leaps and bounds. We are keeping a target of selling more than 1 crore eggs a day in the next 3-4 years.”

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