Nupa Technologies Pvt. Ltd, which operates agricultural-technology and poultry farming startup Eggoz, has raised Rs 2.5 crore (around $329,000) in a seed funding round from a clutch of investors.
Investors who participated in the round include Tracxn Labs, Angellist, Tri-Deep Capital and the founders of LetsTransport. Incidentally, LetsTransport on Monday raised venture debt firm InnoVen Capital.
Existing backers Narendra Sankar, Sunil Mishra, and Vishal Sharma also participated in the round, Eggoz said in a statement.
Nalanda-based Eggoz was founded in December 2017 by Abhishek Negi, Uttam Kumar, Aditya Singh and Pankaj Pandey. The company works with farmers to promote poultry farming, with flock sizes starting at 500 birds. In 2018, Eggoz raised Rs 1.2 crore in seed funding from a clutch of angel investors.
“India’s egg supply chain is largely unorganized. There is an opportunity for a player to implement best practices in production and create a trustworthy consumer brand,” Tracxn Labs founder Abhishek Goyal said.
Separately, Kumar said poultry farming was a profitable and stable business for generating income for small and marginal farmers.
The company claims it has so far sold over two crore eggs and has over one lakh birds under management.
According to its website, the company also provides services such as a technological backend to farms, an egg purchase guarantee for farmers and management support and training.
Deals in the agri-tech segment
The investment is indicative of the investor interest that the agri-tech and larger farm-related spaces have gathered in the last few years.
Last week, the artificial intelligence-focussed agricultural technology startup Intello Labs Pvt. Ltd announced a Rs 45 crore (around $5.9 million) Series A funding round led by new investor Saama Capital.
Last month, dairy products company UzhavarBumi Agro Products Pvt. Ltd raised Rs 1.7 crore (around $221,686) from Native Angels Network, the investment arm of the Tier-II and Tier-III focussed Nativelead.
Also in April, Bijak raised nearly $12 million in its Series A funding round led by Russian venture capital firm RTP Global while DeHaat scooped up $12 million in its Series A round led by Sequoia Capital India.