Eggoz raises $20 million funding led by Gaja Capital

Time of India

6 hours ago

Egg brand Eggoz has raised $20 million (about Rs 167 crore) in fresh capital, with mid-market private-equity firm Gaja Capital anchoring the round. Key existing backers IvyCap Ventures, Rebright Partners, Avaana Capital, Merisis Opportunities Fund, Nabventures, Blue Dot Capital and Artek Chemicals, have also participated in the round, people familiar with the deal told ET.The company will be using the funds to penetrate deeper into the current markets in which it is already present, which includes major cities in North India, Bangalore, Hyderabad and Chennai in South India and Mumbai and Pune in the West.Further, it will expand its business to East India in the coming months. 'The fund utilisation will be primarily to invest in growth which is to expand market footprint,' a source quoted above said.The latest round brings the total fund raised by the Gurugram-based company to over $29 million. In 2022, Eggoz had raised $8.8 million in Series B funding, which was a mix of primary investment and secondary share sale, led by Mumbai-based IvyCap Ventures.In the financial year 2024-25, Eggoz reported a net revenue of Rs 130 crore which grew 76% year-on-year from Rs 74 crore reported in FY24. In the March quarter of FY25, the company achieved an Ebitda breakeven. This net revenue refers to the total revenue generated for the year after considering distribution margin, discounts given to customers, commissions to quick commerce platforms, etc.Eggoz was founded in 2017 by IIT Kharagpur alumni Abhishek Negi, Aditya Singh, and Uttam Kumar, the company has a presence in 11 cities. The brand sells premium eggs online , especially quick commerce, and offline through organised trade channels. In the last two years, the company has been growing fast on quick commerce platforms, according to the source quoted earlier."Eggoz has built mutual quality check guidelines with the quick commerce platforms to ensure the hygiene is maintained and the quality of the eggs are not compromised," the person cited above added, when asked about the ongoing hygiene issues in quick commerce dark stores in various cities.In this segment, other key players include Temasek-backed Licious, Coimbatore-based Suguna Chicken and Temasek and Venturi Partners-backed Country Delight's private label eggs. Bengaluru-based Licious, which also sells meat and seafood, is seeking to become profitable as it prepares to list in 2026. The firm is targeting a valuation of more than $2 billion in the listing.