Agritech Startup Otipy Raises $2 Mn In Venture Debt From Nuvama

Otipy, a farm-to-fork company, has raised $2 million in venture debt funding from Nuvama Asset Management Limited. 

The startup plans to use the funds for general business purposes.

The company has raised a total of $46 million so far, including $32 million in its Series B round from Westbridge Capital in 2022. 

Read also- Infibeam, IISc Bengaluru Partners To Develop Real-time Deepfake Detection Systems

About Otipy 

Founded in 2020 by Varun Khurana, Otipy follows a farm-to-fork delivery model, sourcing fresh produce directly from farmers and delivering it to consumers every morning. 

It currently operates in Delhi-NCR and Mumbai, with plans to expand to Hyderabad, Bengaluru and Chennai.

Recently, Otipy launched electric carts in Gurugram as part of a pilot project to sell fruits and vegetables offline. 

The company plans to use a franchise model for these pushcarts and expand to other cities including Mumbai.

For the fiscal year ending in March 2024 (FY24), Otipy expects to achieve Rs 175 crore in revenue.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.