Otipy Raises Rs 235 Cr. In Series B Funding

Otipy (operated by Crofarm Agriproducts), an agri-tech startup and one of India’s first community group buying platforms for fresh produce, raised Rs 235 crores ($32 million) in a Series B round led by Westbridge Capital. Existing investors SIG and Omidyar Network India also participated in the round. These new funds come six months after Otipy received Rs 76 crores ($10.2 million) in series A funding.

Otipy is one of the leaders amongst the online players in Delhi NCR, moving more than 100 tonnes of fresh produce from the farms to its consumers every day. Otipy boasts of industry’s lowest wastage of 3 percent which is 10x better than the conventional supply chain. Also, leveraging its community leader model Otipy operates at the industry’s lowest logistics cost as low as Rs 4/kg, from its warehouse to the consumer’s doorstep.

Varun Khurana, Founder, CEO, 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.”

Otipy uses cutting-edge technology to procure fresh produce from farmers based on demand generated by its prediction engines and delivers farm fresh goods to customers within 12 hours of harvest. The startup has seen exponential growth in the current fiscal year and expects its turnover to nearly fivefold to Rs 100+ crores by the end of the fiscal year, owing to healthy growth in its consumer base.

Sandeep Singhal, MD, Westbridge Capital, said, “We are excited to partner with Otipy as they disrupt the daily essentials market via the community group buying model. Otipy is creating value for farmers, community leaders and consumers. We see very strong fundamentals in their business model and are excited to be partners in their growth journey.”

Otipy has over 5 lakh customers across Delhi NCR as well as tier 2/3 towns like Sonepat, Meerut and Bhiwadi. It now plans to expand its operations to Bangalore, Mumbai and Hyderabad and Chennai.