New Delhi: Agritech Startup Otipy, which markets fresh vegetables, fruits and other wholesale goods through its application, has collected $ 10.2 million (around RS 76 Crore) from investors including the SIG and Omidyar network to expand the business.
The $ 10.2 million series is led by Sig.
The Omidyar Indian network, the capital of the arms and investors who have IPV (venture inflection), Pravega, and Factore also participated in the round, the company said in a statement.
Otipy previously raised $ 2 million in 2020, led by IPV.
Launched in 2020, Otipy, which is part of the Crofarm Agriproducts Pvt Ltd, is a social business platform for business to consumers (B2B2C) for fresh products that include vegetables, fruits, milk and other wholesale goods.
This source of more than 2,500 tons of fresh products every month of more than 10,000 farmers throughout the country.
Otipy said the agriculture-fork shipping model optimizes freshness with direct procurement of farmers and provides fresh products to consumers in less than 12 hours.
Farun Khurana Founder & CEO Otipy said “this new funding round will support us in our future growth trajectory, add additional categories to our supply chains so that it is more efficient and accelerating our mission to make fresh and nutritious foods can be accessed by all.” “The new product is a 35 percent gross margin category per cent, however, this is a waste that kills the margin.
We are among the first companies that are able to control them through our innovative model,” he added.
Madhav Tandan, Investment Director in Omidyar, said Otipy is building unique brand fruit and vegetable brands centered on quality and value.
“Farmers who partner with Otipy are more than 20 percent more and paid faster too.
Their community leader’s shipping partners can also make substantial additional income, in the range of tens of thousands of rupees per month,” he said.
Otipy works with more than 5,000 community leaders (especially women) throughout Delhi-NCR and serves more than 1,00,000 households with fresh products at their door.
The company has fresh fruits and vegetables from farmers in Haryana, up, Delhi, Gujarat, Himachal Pradesh, Karnataka, Rajasthan, and Maharashtra.