Agritech startup Otipy secured an investment of around ₹245 crore led by Westbridge Capital
For some time now, agritech startups seem to be rapidly winning the confidence of investors. And in line with this, agritech platform Otipy, operated by Crofarm Agriproducts, has secured an investment of $32 million (approximately ₹245 crore) in its Series B funding round. The company plans to expand its operations and services to other geographies through this newly acquired capital. Speaking on the new investment, Varun Khurana, Founder and CEO, Otipy said, Speaking on the new investment, Varun Khurana, Founder and CEO, Otipy said,“This new investment will help us expand on new pin codes, further strengthen our supply chain, invest in cutting-edge technology, add new product categories and more.”
Otipy was started by Varun Khurana in the year 2020. It acts as a community based platform, connecting consumers, resellers and farmers, to bring fresh produce to the doorsteps of the people. Interestingly, about 6 months before this Series B investment round, the company had secured $10.2 million (approximately 76 crores) in its Series A investment round. The recent investment round for the Gurugram-based company was led by Westbridge Capital, with the startup reportedly also participating from some existing investors such as SIG and Omidyar Network India.
According to the company, it buys the produce directly from the farmers, and saves money due to less wastage of up to 3%, but how? Basically, the startup harvests the produce from the farm on an on-order basis, and always ensures that the produce is kept fresh for a longer period of time. Presently, the company claims to transport more than 100 tonnes of fresh produce from the fields to the consumers per day. Interestingly, according to the company, the cost of logistics operations in the process of transporting it from the warehouse to the customers comes down to only ₹ 4 per kg. According to Otipy, it is working closely with over 20,000 community leaders and fulfills over 15,000 orders across cities like Delhi-NCR (Delhi, Gurgaon, Noida, Bhiwadi), Sonipat, Meerut.The startup is marching ahead with an aim to register 5x growth in business by taking its revenue figure to over ₹100 crore by the end of the current financial year.
