Otipy bags $2 Mn in venture debt from Nuvama •

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.

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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.