Agritech Startup Otipy, which markets fresh vegetables, fruits and other food items through its app, has raised USD 10.2 million (approximately Rs 76 crore) for investors including SIG and Omidyar Network to grow the business.
Series A funding of USD 10.2 million is funded by SIG.
Omidyar Network India, Innoven Capital and existing investors IPV (Inflection Point Ventures), Pravega and FactorE also participated in the round, the company said in a statement.
Otipy had previously raised USD 2 million by 2020, led by IPV.
Launched in 2020, Otipy, part of Crofarm Agriproducts Pvt Ltd, is a consumer business (B2B2C) trading platform for a new product that includes vegetables, fruits, milk and other food items.
It receives more than 2,500 tons of new produce every month from more than 10,000 farmers across the country.
Otipy said his farm-fork delivery model prepares new products by purchasing directly from farmers and delivering new products to consumers in less than 12 hours.
Varun Khurana & CEO Otipy said “this new funding model will support us in our future growth environment, add additional components to our procurement system that makes it more efficient and accelerates our work to make new, nutritious food accessible to all.”
“New products are 35-40 percent, but it is a waste that kills those markets. We are among the first companies to be able to regulate them in our new way,” he added.
Madhav Tandan, Director at Investment in Omidyar, said Otipy created a fruit and vegetable product that was separated by quality and quantity.
“Otipy’s cooperative farmers earn up to 20% and get paid quickly again. Their Community Leader’s delivery partners are also able to make a lot of extra money, at a rate of tens of thousands of dollars a month,” he said.
Otipy works in partnership with more than 5,000 community leaders (mostly women) throughout Delhi-NCR and serves more than 1,00,000 homes with new products at their doorstep.
The company produces fresh fruits and vegetables from farmers in Haryana, UP, Delhi, Gujarat, Himachal Pradesh, Karnataka, Rajasthan and Maharashtra.