Agritech Startup Otipy Raises $32M In Series B Funding Round
Otipy, a Gurugram-based agritech startup, has raised $32 million (Rs 235 crore) in a Series B round led by Westbridge Capital. The funding round also saw participation from existing investors SIG and Omidyar Network India.
As per the startup, the funding round will support its expansion to new pin codes, strengthen its supply chain, invest in cutting edge tech, add product categories, and accelerate its mission of making fresh nutritious food accessible to all.
Otipy | Helping Farmers Deliver Fresh
Founded by Varun Khurana and Prashant Jain in 2020, Otipy is a community-based agritech platform connecting consumers, resellers, and farmers to bring fresh produce to their doorstep. The agritech startup harvests the produce from the farm on an order basis, ensuring they stay fresh for a longer time.
As per the startup, every day, it moves over 100 tonnes of fresh produce from farms to the consumers.
Speaking about the development, Varun Khurana, Founder and CEO of 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 agritech startup directly buys from farmers and saves money due to less wastage, at 3%. As Otipy functions on a community leader model, its logistics operation costs merely Rs 4 per kg from the process of warehouse to consumer, the startup claims.
By the end of the current fiscal year, Otipy is eyeing a turnover jump of 5X to reach over Rs 100 crore in revenue.
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