Otipy, the community buying platform for agritech startup Crofarm has raised USD 10.2 mn in its latest series A round led by SIG. The round also saw participation from Omidyar Network India, Innoven Capital, and existing investors IPV (Inflection Point Ventures), Pravega and FactorE.
Enablers, ValPro’s startup advisory arm, acted as the financial advisor to Otipy on the transaction.
Started in 2020, Otipy is building India’s largest social commerce platform for the fresh category that supports farmers, creates earning opportunities for resellers and provides fresher produce to consumers at lucrative prices. The company is equipped by a full stack proprietary technology to leverage a much needed strong supply chain for sourcing, demand forecasting, inventory management, transportation and reseller distribution.
Otipy’s farm-to-form delivery model optimises for freshness by procuring directly from farmers and delivering fresh produce to consumers in less than 12 hours. The startup sources over 2,500 tonnes of fresh produce every month from 10,000+ farmers across India. Otipy said it has become the e-grocer of choice for over two lakh households.
Varun Khurana, the founder shared his thoughts on the fresh category “Fresh produce is a 35-40 percent gross margin category. However, it is the wastage that kills those margins. We are among the first companies that have been able to control it via our innovative model.”