Otipy Raises INR 235 Crore In Series B Round
The funds will be utilized to strengthen the supply chain, add categories and expand across geographies
Agritech startup, Otipy, has raised INR 235 crore in its Series B funding led by Westbridge Capital. Existing investors SIG and Omidyar Network India also participated in the round.
Otipy claims to be a leader amongst the online players in Delhi NCR, moves more than 100 tonnes of fresh produce from the farms to its consumers every day. Otipy boasts of industry's lowest wastage at 3 per cent along with lowest logistics cost at INR 4 per kg, from its warehouse to the consumer's doorstep.
"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," said Varun Khurana founder and CEO Otipy.
"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," said Sandeep Singhal, MD at Westbridge Capital.
Otipy uses its state of art technology to procure fresh produce from farmers based on the demand generated as per its prediction engines and delivers the farm fresh goods to the customers within 12 hours of harvest, said a statement.