Mumbai based Everyday Gourmet Kitchen Foods startup raises USD 300k Seed funding from an individual Pradyumna Kokil.
The company EGK focusses primarily on onions and its by-products, along with onion processing.
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.
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.
“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 investor Pradyumna Kokil.
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.