Agri-tech startup Otipy, which mainly sells fresh vegetables and fruits through its mobile app, has raised $32mn USD from investors including Westbridge Capital to grow its business in India.
Launched in 2020, Otipy, which is part of Crofarm Agriproducts Pvt Ltd, is a business-to-business-to-consumer (B2B2C) ecommerce platform for fresh produce that includes vegetables, fruits, dairy and other grocery items.
In the series B funding round, existing investors SIG and Omidyar Network India also participated.
In July last year, the Gurugram-based startup had raised USD 10.2 million.
Otipy founder and CEO Varun Khurana 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 the company as it seeks to expand business to new pin codes, strengthen supply chain, invest in technology, and add product categories, he added.
Otipy uses its technology to procure fresh produce from farmers based on the demand generated as per its prediction engines and delivers the farm fresh goods to customers within 12 hours of harvest.
The startup expects its turnover to jump nearly five times by the end of this fiscal year.
Sandeep Singhal, MD at Westbridge Capital, said: “We are excited to partner with Otipy as they disrupt the daily essentials market via the community group buying model.”
