Eggoz, a consumer brand for eggs, has raised $8.8 million in a Series B funding round led by Mumbai-based IvyCap Ventures. The round also saw participation from the existing investors NABVENTURES, Avaana Capital, and Rebright Partners and angel investors including Vishesh Khurana, Ankit Mehrotra, Sahil Jain, Nikhil Bakshi, and Vivek Kapoor.
The firm had raised $3.5 million in a Series A round in December last year.
The fresh capital will be used to expand its business footprint while bringing on additional talent and growing its community, Eggoz said in a press release.
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.
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.
In 2021, IvCap has backed startups across categories such as beauty products retailer Purplle, jewelry e-commerce platform Bluestone, and online clothing brand Bewakoof. Its portfolio companies include Convosight, Lissun, Elucidata, Deep Rooted, Wagr, YellowSkye, and Biryani By Kilo.