Nupa Technologies Pvt. Ltd, which operates a network of layer poultry farms named Eggoz, has raised Rs 1.2 crore ($176,000) in seed funding from a clutch of angel investors.
The investors include Narendra Sankar, Vishal Sharma, Anurag Jhanwar, Mohini Jhanwar, and Sunil Mishra.
Mishra is currently chief operating officer of the housing business at IL&FS Township and Urban Assets Ltd. Previously, he was chief business officer at online real estate platform PropTiger.
Anurag Jhanwar is co-founder and partner at boutique advisory firm Fintrust Advisors LLP. He was earlier business head of consulting and data insights at PropTiger and Makaan.
Earlier this month, Taiwan-based Narendra Sankar joined the board of Eggoz as a director, according to the Ministry of Corporate Affairs website.
Eggoz said in a statement that it is a full-stack producer of high-quality eggs. Its farms spread across Bihar and Madhya Pradesh function on an asset-light model, the firm added.
The company plans to use the fresh capital for research & development and to expand its business and build a layer poultry farm at Nalanda in Bihar.
"We saw huge gaps in the market with southern states producing close to 70% of India’s total output,†said Eggoz co-founder Abhishek Negi. “Going forward, we see a huge scope for innovation in production of raw ingredients as well as retail of eggs and processed items.â€
Incorporated in December 2017, the startup was founded by Indian Institute of Technology-Kharagpur alumni Negi, Uttam Kumar and Aditya Singh as well as Pankaj Pandey, who is an engineering graduate from GB Pant University.
Kumar was the co-founder of 3DPhy, an augmented reality startup which was acquired by PropTiger in August 2016. Pandey and Singh also worked at 3DPhy, according to LinkedIn.
Eggoz has a total capacity of 1,00,000 hens. It aims to scale operations to 5,00,000 hen capacity by 2020 with a focus on northern states.