Gurugram based Agritech startup Otipy, shut operations last week, impacting around 300 employees in addition to gig workers, including delivery partners.
According to an investor with knowledge of the situation, a liquidity shortage resulted from the Hero family office, the main supporter, abruptly withdrawing.
The shutdown has sparked mounting concerns over unpaid dues, stuck wallet balances, and a lack of official communication from the company.
Founded in June 2020 by Varun Khurana, Otipy is India’s fastest growing delivery app that promises farm-to-door delivery in 12 hours, where the company promises to provide handpicked fresh vegetables and fruits directly from the farms.
The company focuses on harvesting as per the anticipated demand, to prevent wastage to the minimum through cutting-edge technology used for procurement, distribution, and delivery.
According to the data intelligence platform Tracxn, it raised about $44 million in debt and equity. Nuvama Asset Management’s $2 million debt was its most recent source of funding.
As per Tracxn, the company generated a revenue of around Rs 164 crore in FY24, up from Rs 115 crore a year ago.
