Otipy Raises $1Mn From Inflection Point Ventures Fresh fund to be utilized for expansion in Delhi NCR, technology/warehouse infrastructure and strengthening farmer relationships
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Gurugram-based agritech startup - Crofarm's social commerce venture - Otipy on Monday announced that it raised $1 million from Inflection Point Ventures - an earth stage investing platform. The company in a statement mentioned it has witnessed a 4X growth in the last three months.
Fund To Help In Expansion PlanOtipy will utilize the fresh funds to further improve its operation in Unloack phase 3.0. It will use the capital infusion to enhance its technology infrastructure and expand its reseller base in Delhi NCR region. The platform will further try to bolster its relationship with farmers to provide fresher products to its customers. Earlier only restricted to Delhi and Gurgaon, the Otipy has launched its operation in Noida, Ghaziabad, and Greater Noida.
What is Otipy?Otipy connects consumers with farmers through women reseller. It has already partnered with 1000 resellers mostly comprising of women and caters to around one lakh consumers. The company claims to offer hygienic, chemical-free and fresh on-demand fruits and vegetables from the farms. The product sold through Otipy are considered to be 25 per cent cheaper than the market.
The company uses AI-based demand prediction tool, to collect historical data to procure the produce, facilitates on-demand harvesting, thus ensuring delivery of fresh produce on the same day. Through popular messaging application - WhatsApp, the platform interacts with and serve consumers while keeping the overall transaction fully transparent at every step. Through the secured funds, the company will strengthen this mechanism and strive to serve customers better.
Commenting on the latest fund, Varun Khurana, co-founder and chief executive officer (CEO), Otipy said, "We are super excited to partner with Inflection Point Ventures at this juncture when our business is showing very high consumer stickiness. We have built a very strong community with our partner resellers (mostly women) and have empowered them by providing an alternate source of income especially in these times when other sources have dried up. Also, with the recent changes in APMC our farmer network is growing at a very fast pace. We are delighted to secure funds from Inflection Point Ventures, they have a wealth of experience in consumer startups, guiding them from growth to sustainability. We look forward to benefitting from the same.
Vinay Bansal, founder and CEO, Inflection Point Ventures said, "Otipy is a new concept in India and has gained huge traction so far. Not only does it eliminate the challenge of fair pricing for farmers, but also ensures delivery of fresh produce to end-consumers in a manner that is un-matchable on price and freshness that is enabled by unique and tech-drive supply chain. The company has really performed well since its inception, and it's certainly going to be a trendsetter in the times to come. We watched the company's performance closely during lockdown, and more importantly its growth during the un-locking phase, which led to believe in its sustainable value proposition and the vision of transforming the entire farm ecosystem in India."