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Agritech start-up Otipy raises Rs 235 crore in Series B funding
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Wednesday, 09 March, 2022, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Agri-tech startup, Otipy (operated by Crofarm Agriproducts), also India’s first community group buying platform for fresh produce, raised Rs 235 crore in its Series B round led by Westbridge Capital. Existing investors SIG and Omidyar Network India also participated in the round. These fresh funds have come in six months for Otipy, after its series A funding of Rs 76 crore.
It 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% which is 10x better than the conventional supply chain. Also, leveraging its community leader model, it operates at the industry's lowest logistics cost as low as Rs 4 per kg, from its warehouse to the consumer’s doorstep.
Varun Khurana, founder and CEO, Otipy, said, “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.”
The company 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 start up has witnessed exponential growth in the current financial year and expects its turnover to jump nearly five times to Rs 100 plus crore by the end of this fiscal year, on the back of healthy growth in its consumer base.
Sandeep Singhal, MD, Westbridge Capital, said, “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.”
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