Agri tech startup Otipy raises $32 million in a Series B funding round
Otipy, the 2020 Gurugram-based startup, raises $32 million in a series of B funding rounds led by Westbridge, which comes six months after series A funding of Rs. 76 crores.
The aim of the funding is to expand the business, strengthen the supply chain, invest in technology, and add product categories. It aims to expand the business to Mumbai, Bengaluru, Hyderabad, and Chennai. SIG and Omidyar Network India, existing investors of Otipy, also took part in the B series funding round.
The company is operated by Crofarm Agriproducts Pvt Ltd. and was launched in the year 2020 by Varun Khurana. It is an e-commerce platform that delivers fresh products like fruits and vegetables within 12 hours of harvest to the doorstep of the consumer. It is a business-to-consumer (B2C) platform whose previous year’s revenue was Rs. 19.73 crores.
This online platform got a push during lockdown when people preferred purchasing fresh products online. It sources fresh produce directly from the farmers and uses a community group buying model. It caters to 5 lakh households, mainly in Delhi-NCR, and plans to reach 25-30 lakh households in Delhi-NCR by the end of the fiscal year 2022-23.