Everyday Gourmet Kitchen Foods raises $300k in Seed Funding
Monday, 18 June 2018, 21:13 IST
Everyday Gourmet Kitchen (EGK Foods), a Startup India registered food processing organization has successfully raised a pre-seeding funding of $ 300k from Pradyumna Kokil, a family of CAs from Nasik. The funding will be used for accelerating the distribution network and looking to build out the infrastructure to deliver the high demand that exists for the product.
Popularly known as ‘OnionKnight’, Satyajit Roy, Founder & CEO, EGK Foods, says, “I have always believed that we should work on problems worth solving and in my mind the onion crisis reported every year and the state of the farmers, many of whom I have met over the years, is deplorable. 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.”
EGK sells almost 30 metric tonnes of their finished product monthly and with the latest factory upgrade, production capacity will be closed to 100 Metric Tonnes per month. Currently, the organization is going through various market channels including wholesale, a small retail presence, e-Commerce, modern retail and aims to create a positive impact in the society, by connecting the farmers to the end users and help them avoid annual onion wastage.
Pradyumna Kokil, new investor in EGK Foods, further adds, “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.”
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