We are discussing Agritech Startup Otipy to Raise $10 Million in its Extended Series B Round from Its Investors:
Otipy is an online agriproducts or grocery delivery social commerce platform that announced its plans to raise $10 million in its extended series B round. The funding round will include the firm’s new and existing investors. The company plans to use these fresh proceeds to scale its operations, enhance its platform, expand its network, and meet its general corporate purpose.
The source close to the deal told Entrackr that the startup may use this investment to expand its operations in Delhi and Mumbai and establish new branches in Hyderabad and Bengaluru. The company has already received an agreement term sheet, and the deal will be made public soon. The Gurgaon-based startup has secured $44 million since its inception, including the $32 million raised during the Series B funding round from WestBridge Capital in 2022. The startup data intelligence platform, Kredible, mentioned that SIG Global is the firm’s biggest external stakeholder, followed by WestBridge Capital. The company will focus on strengthening its market presence in the existing cities. The source mentioned that the company plans to achieve EBITDA breakeven in FY25.
This agritech startup offers an e-commerce platform that operates in a farm-to-fork delivery model. The platform connects buyers directly with agri sellers and offers fresh produce. The investment will help the startup achieve its goal of market expansion and strengthen its agriculture value chains through its integrated services. This startup offers several agriculture-related and grocery deliveries. The firm has established its name in the fruits and vegetables market. Now, it aims to focus more on groceries. The startup leverages advanced and cutting-edge technologies to offer the best services to its customers.
The company claims to have supported over 20,000 farmers and has over 1,000 partners on board. The startup reported a 50 percent increase in its size to Es 173 crore in FY24. The losses also decreased by 21 percent during the same period. This online agriproduct platform claims to offer high-quality agriproducts at an affordable price range. This Gurgugram-based startup faces competition from other agritech companies such as Arya.ag, Ninjacart, Bijak, Deehat and more. The development came just after the Indian agritech sector saw increased investor interest.
Conclusion
Otipy is an agritech startup that provides a farm-to-fork delivery model platform. The company offers various agri products to its buyers directly from farmers. This startup is set to raise $10 million in its extended series B round. The funding round will most likely involve participation from the firm’s new and existing investors.
The startup intends to use this fresh capital to strengthen its operations in Delhi NCR and Mumbai while establishing new branches in Bengaluru and Hyderabad. SIG Global is currently the firm’s largest external stakeholder, followed by WestBridge Capital. Otipy claims to have served over 20,000 farmers and has a client base of 1,000 partners. The company has secured 44 million USD to date.
