Monday, February 18, 2019
News

Everyday Gourmet Kitchen raises USD 300k towards expansion

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi [India] | June 15, 2018 5:11:23 PM IST
EGK Foods, a Startup India-registered food processing organisation raised pre-seed funding of USD 300k from Pradyumna Kokil.

The brainchild of 'OnionKnight' Satyajit Roy, the company focusses primarily on onions and its by-products, along with onion processing.

"We were lucky enough to get investors involved who believed in the product and the company much before we had built it. In time we hope to attract FDI as per guidance by the Ministry of Food Processing of India (MoFPI) who we hope to work with in the near term as India positions itself to be the Food Bowl of the world," said Roy.

The company CEO also stated that on the backend, EGK Foods is setting up a bigger factory and backward integrating with farmers to assure them guaranteed buyback of goods produced at a fair price irrespective of market fluctuations.

EGK is also going through various market channels including wholesale, a small retail presence, e-commerce, modern retail. With funding, the distribution network will be accelerated. EGK Foods Pvt. Ltd. does not hold any patents although the process with which they fry and package the onions is proprietary. The company is looking to build out the infrastructure to supply the immense demand that exists for the product.

There is immense growth potential in this market and being the first movers, EGK Foods has an advantage to capture the entire market. With upgraded infrastructure, wider distribution network and more retail/ wholesale presence, the company will be able to improve the margins.

"I am from Nasik and every year we are in the news for reasons relating to the plight of the farmers. I thought instead of complaining I should become a part of the solution. And once we heard Satyajit speak about the business we knew that we could really become big and solve the crisis that the farmers face. Hence we invested in this venture," said the investor, Pradyumna Kokil.

Currently, EGK sells 30 metric tonnes of their finished product monthly which translates to about 150 Metric Tonnes of raw onions which are being processed every month. With the factory upgrade, production capacity will be close to 100 Metric Tonnes per month and there are plans to open up the domestic as well as international markets where the company has seen tremendous demand.

EGK aims to create a positive impact in the society through onion processing by linking the farmers to the end users and helping in avoiding the 25 percent annual onion wastage (approximately 5 tons). Mainly catering to HORECA (currently USD 419.68 Billion) and the food and retail segment (currently USD 39.71 Billion) poised to grow at 16.1 percent and 11percent CAGR respectively. (ANI)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Sensex, Nifty trade flat, auto stocks do...
Chinese shares open higher; yuan weakens...
Markets continue to slide, Sensex slips ...
Niti Aayog delegation visits Saudi Arabi...
Jammu-Srinagar highway to open for one-w...
Trump meets US trade delegation after Be...
More...
 
INDIA WORLD ASIA
Cold, misty morning in Delhi...
Pulwama attack: KJ Alphons faces flak fo...
Sapna Choudhary's brother files police c...
Army Major, 3 other officers killed in P...
4 soldiers killed in J&K gunfight...
Tricolour hoisted less, used more to wra...
More...    
 
 Top Stories
Pulwama attack: ‘Total Dhamaal’ tea... 
UP govt issues travel advisory on M... 
Argentinian President pays respect ... 
Thousands gather to bid farewell to... 
ISIS terrorists flee Syria to Iraq... 
6 killed in MP after 'overspeeding'... 
WB BJP leader held for allegedly ab... 
Kirti Azad joins Congress ahead of ...