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Otipy raises $32 Million from Investors

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Otipy raises $32 Million from Investors
09 Mar 2022
6 min read

News Synopsis

Agritech startup Otipy sells fresh vegetables and fruits primarily through mobile apps and is expanding its business by raising $32 million from investors such as Westbridge Capital along with the participation of existing investors SIG and Omidyar Network India.

The raised capital will support the company as it seeks to expand its business to new areas, strengthen the supply chain, invest in technology and add new product categories. Otipy uses its technology to procure fresh produce from farmers based on the demand, as per its prediction engines and delivers fresh goods to customers within 12 hours of harvest. 

Founded in 2020, Otipy is part of Crofarm Agriproducts Pvt Ltd is an e-commerce platform for fresh vegetables, fruits, dairy and other grocery items. It expects its turnover to jump nearly five times to Rs 100 crore by the end of the current financial year. The revenue of the company stood at Rs 19.73 crore during the previous year. 

Sandeep Singhal, MD at Westbridge Capital has said that the company is excited to partner with Otipy as they disrupt the daily essentials market through the community group buying model. 

Otipy has more than 5 lakh customers across Tier 2/3 cities such as Sonepat, Meerut and Bhiwadi, as well as Delhi NCR. Currently, it plans to expand its business to Bangalore, Mumbai, Hyderabad and Chennai. Otipy transports over 100 tons of fresh produce from farms to consumers every day.

Varun Khurana, the CEO of Otipy has said that the company aims to be profitable by 2023. He also talked about a model that small business owners have found appealing and successful. The startup works with over 20,000 community leaders and resellers that help it to provide various products to its valued clients.