Indian AgriTech startup Otipy said Monday it has raised Rs235 crores ($32 million) in its Series B round led by Westbridge Capital.
Existing investors SIG and Omidyar Network India also participated in the round, Otipy said in a statement.
These fresh funds have come in six months for Otipy, after its series A funding of Rs76 crores ($10.2 million).
The funding will help the startup to further strengthen its supply chain, add categories and expand geographies.
Otipy has over 5 lakh customers across Delhi National Capital Region (NCR) as well as tier 2/3 towns like Sonepat, Meerut and Bhiwadi. It now plans to expand its operations to Bangalore, Mumbai and Hyderabad and Chennai.
“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. 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,” said Varun Khurana, Founder and Chief Executive Officer of Otipy.
Operated by Crofarm Agriproducts Pvt Ltd., Otipy was launched in 2020 by Varun Khurana, a serial entrepreneur and the Founder of Crofarm. It is India’s first community group buying platform for
fresh produce and daily essentials. It significantly reduces fresh produce waste, improves its community leaders’ profitability, and makes fresher, healthier food accessible to consumers through state-of-the-art technology used for delivery, distribution, and procurement from farmers.
Otipy is a leader amongst the online players in Delhi NCR, moves more than 100 tonnes of fresh produce from the farms to its consumers every day. It boasts of industry’s lowest wastage of 3 percent which is 10 times better than the conventional supply chain. Also, leveraging its community leader model, Otipy operates at the industry’s lowest logistics cost as low as Rs4 per kg, from its warehouse to the consumer’s doorstep.
Otipy uses its state of art technology to procure fresh produce from farmers based on the demand generated as per its prediction engines and delivers the farm fresh goods to the customers within 12 hours of harvest. The startup has witnessed exponential growth in the current financial year and expects its turnover to jump nearly five times to Rs100+ crores ($13.6 million) by the end of this fiscal year, on the back of healthy growth in its consumer base.
“We are excited to partner with Otipy as they disrupt the daily essentials market via the community group buying model. 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.