Indian AgriTech starup Otipy has recently raised US$32 million in Series B funding round led by WestBridge Capital along with participation from existing investors SIG and Omidyar Network India.
Otipy that offers a community group buying platform for daily essentials and fresh produce will be using the fresh funding to expand to new regions in the country, strengthen its supply chain, invest in technology, and add new product categories.
“Leveraging our fast supply chain and community leader network, we aim to provide fresh, quality produce to consumers at the lowest price,” said Varun Khurana, founder Otipy.
“The Series B round of funding will support us as we expand to new pin codes, strengthen our supply chain, invest in cutting edge tech, add product categories and accelerate our mission of making fresh, nutritious food accessible to all,” he added.
Last year in July, Otipy had raised US$ 10.2 million funding.
“Otipy is creating value for farmers, community leaders and consumers. We see very strong fundamentals in their business model and are excited to be partners in their growth journey,” said Sandeep Singhal, managing director at WestBridge Capital, in a statement.
Founded by Varun Khurana in 2020, Otipy is a part of Crofarm Agriproducts Pvt. Ltd that offers a B2B2C (business-to-business-to-consumer) platform for fresh produce that includes, fruits, vegetables, dairy, and other grocery items.
Otipy uses its technology procure fresh produce from farmers based on the demand generated as per its prediction engines and delivers the farm fresh goods to consumers within 12 hours of harvest.
The startup claims to have more than 500,000 customers across Delhi NCR as well as tier2 and 3 towns in the country. The company moves over 100 tons of fresh produce per day from farms to its consumers.
Otipy is expecting a nearly 5x times jump in its turnover by the end of this fiscal year.
Varun Khurana said. “We have created a model that small business owners, particularly women, have found appealing and successful. We have 20,000+ community leaders or resellers helping us provide various products to our valued clients.”
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