Agritech startup Otipy has raised $32 million (Rs 235 crore) in a Series B round from Westbridge Capital. Existing investors SIG and Omidyar Network India also participated in this Series B funding round.
The fund will be used to expand the company into new territories, strengthen its supply chain, invest in cutting-edge technology, add product categories and accelerate its mission to make fresh nutritious food accessible to all.
The Series B funding comes in six months after the company raised $10.2 million (Rs 76 crore) in its Series A funding round.
“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. This 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 and hygiene nutritious food accessible to all.”said,Varun Khurana, Founder and CEO, Otipy.
Gurugram-based Otipy was founded in 2020 by Varun Khurana and Prashant Jain. Otipy is a platform where he connects consumers, resellers and farmers. Company said that Otipy helps the farmer to deliver farm fresh and hygiene vegetables & fruits.
“We are very excited to partner with Otipy as they disrupt the daily essentials market through a community group buying model. Otipy is creating value for farmers, community leaders and consumers. We see very strong fundamentals and are excited to be a partner in their growth journey. “said, Sandeep Singhal, MD, Westbridge Capital.
The startup buys fruits and vegetables directly from farmers. It harvests the produce from the farm on an order-by-order basis so that the produce is not wasted, and ensures that they remain fresh for a longer period of time. OTPP transports more than 100 tonnes of fresh produce from farms to consumers every day.
The startup is estimated to have a turnover of 5X to reach over Rs 100 crore in revenue by the end of this financial year.