Agri-tech startup Otipy raised USD 32 million (INR 235 Crore) in a Series B round on March 7, 2022. Existing investor Westbridge Capital led the round. Besides, SIG and Omidyar Network India participated in the funding.
Otipy is a Gurguram-based startup that sells fruits and vegetables via its mobile app.
Otipy’s Purpose for Funding
The funding from the Series B round will allow Otipy to expand its business. They want to scale their geographical reach and launch operations into new cities.
The fresh capital will aid in strengthening Otipy’s supply chain. The agri-tech startup is also eyeing to invest in technology and add product categories.
In July last year, the agri-tech startup secured USD 10.2 million in a Series A round. The round saw participation from SIG, Omidyar Network India, and Innoven Capital.
By the end of this fiscal year, the startup expects its turnover to jump nearly five times, i.e. INR 100 crore.
What the founder of Otipy has to say-
Otipy founder and CEO Varun Khurana said, ” The series B round of funding will support the company as it seeks to expand the business to new pin codes, strengthen supply chain, invest in technology, and add product categories.”
He added, “leveraging our fast supply chain and community leader network we aim to provide fresh, quality produce to consumers at the lowest price. We will continue to build on our proposition for value conscious consumers.”
What the investor has to say-
Sandeep Singhal, MD at Westbridge Capital, said, “We are excited to partner with Otipy as they disrupt the daily essentials market via the community group buying model.”
About Otipy
Varun Khurana and Prashant Jain founded Otipy in 2020. It is an e-commerce platform for fresh produce that offers vegetables, fruits, dairy and other grocery items.
Otipy operates on a farm to fork delivery model. They procure directly from farmers and deliver fresh produce to its consumers. Otipy’s proprietary demand prediction engine delivers fresh produce within 12 hours of harvest.
The agri-tech startup boasts a consumer base of over 500,000 customers. Their major consumers are from Delhi-NCR and cover tier II and tier III towns like Sonepat, Meerut, and Bhiwadi.
It now plans to expand its business in Bangalore, Hyderabad, Chennai, and Mumbai. It moves more than 100 tonnes of fresh produce from the farms to its consumers every day.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
 in a Series B round on March 7, 2022. Existing investor Westbridge Capital led the round.){kind=link}