Gurugram based Agritech startup Otipy, a farm-to-fork company, has raised $2 million in venture debt from Nuvama Asset Management Limited. This raise comes ahead of its $10 million equity round. Otipy will use these funds for general corporate purposes.
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.
Otipy’s fresh produce is sourced from farmers in Kashmir, Haryana, UP, Delhi, Gujarat, Himachal Pradesh, Karnataka, Rajasthan, Chennai, Punjab, and Maharashtra.
The company has over 200 products listed in the ‘Fruits & Vegetables’ category, offering a wide variety of FMCG products to choose from.Currently, it operates in Delhi-NCR and Mumbai, with plans to launch in Hyderabad, Bengaluru, and Chennai.
To date, the Varun Khurana-led business has raised $46 million, including $32 million in 2022 from a Series B round led by Westbridge Capital. In an effort to sell fruits and veggies offline, Otipy has launched electric carts in Gurugram. The company intends to use a franchising model to set up the pushcarts and extend its offerings to Mumbai and other cities.
For the fiscal year ending in March 2024 (FY24), Otipy claims to register Rs 175 crore in topline.
Krushi Kirtimala FPC: From Waste to Wealth, Turning Cotton Waste into Farmer Prosperity
Farmers in the cotton growing belts of Maharashtra have been in a destructive seasonal dilemma…
Hortimax FPC: Built a ₹3.5 Crore Integrated Onion Value Chain Business by Empowering 406 Farmers
Hortimax Farmer Producer Company (FPC) is a farmer owned company formed by progressive local farmers…
For generations, Indian farmers have been putting their sweat and soul into the land, only…
Shivbanki FPO: Built a ₹1.25 crore ‘farm-to-market’ business by bringing together over 750 farmers
In the fertile belt of Barabanki in Uttar Pradesh, small and marginal farmers have long…
Ex-Govt Employee, Leaves Secure Job to Fix India’s ‘Biologically Blind’ Soil; Builds Deep-Tech Startup With ₹4.7 Cr. Revenue
Biome Technologies, based in Ahilyanagar and founded by Dr. Prafull Prabhakar Gadge, has developed Soilometer,…
Bengaluru-based Two Former Bankers Built WhatsLoan Platform, Helping 5 Lakh+ Farmers Across 6 States Access Faster Crop Loans
For millions of farmers across India, getting an agricultural loan has traditionally involved weeks of…
