Agri-Tech Startup Otipy Raises Investment To Expand Business
To expand its operations, agri-tech firm Otipy has secured USD 32 million (Rs 235 crore) from investors including Westbridge Capital.
Existing investors SIG and Omidyar Network India participated in the Series B investment round as well.
The Gurugram-based business raised USD 10.2 million in July of last year (around Rs 76 crore).
Otipy is a business-to-business-to-consumer (B2B2C) e-commerce platform for fresh produce that includes vegetables, fruits, dairy, and other food goods. It was launched in 2020 as part of Crofarm Agriproducts Pvt Ltd.
Varun Khurana, the founder, and CEO of Otipy, said “We strive to deliver fresh, high-quality products to consumers at the lowest possible price by using our efficient supply chain and community leader network. We’ll keep improving our value proposition for budget-conscious shoppers.”
The company’s series B round of capital would help it grow to additional pin codes, develop its supply chain, invest in technology, and introduce new product categories, he said.
Otipy’s technology procures fresh food from farmers based on-demand produced by its prediction engines, and the farm-fresh commodities are delivered to buyers within 12 hours after harvest.
By the end of the current fiscal year, the firm hopes to have increased its revenue by roughly five times to Rs 100 crore. In the previous year, the company’s revenue was Rs 19.73 crore.
“We are pleased to work with Otipy as they disrupt the industry of the daily need via the community group buying model,” Sandeep Singhal, managing director at Westbridge Capital, said.
According to Otipy, it boasts the industry’s lowest waste rate of 3%.
Otipy claims to have the industry’s lowest logistical costs, as low as Rs 4/kg, from its warehouse to the consumer’s doorstep, thanks to its community leader model.