Agro Startup Otipy Is Planning To Raise $10 Mn

Two sources with knowledge of the situation told Entrackr that Agro Startup Otipy is expected to raise more funding in an extended series B round from both new and current investors. The company will get the new financing 28 months after raising $32 million (around 260 Crore) in Series B funding in March 2022.

As per one of the sources, “Otipy is receiving $10 million from both new and existing investors.” “The deal is expected to materialize soon; the company has received a term sheet.”

Otipy is planning to expand and improve its operations in its current cities with the usage of the funds. According to sources, Otipy is now available in Delhi (NCR) and Mumbai, but it may soon expand to Bengaluru and Hyderabad.

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Otipy delivers fresh vegetables to customers every morning using a farm-to-fork delivery approach, which it purchases directly from farmers. “The company has a monthly gross merchandise value (GMV) of Rs 20 crore and a burn of Rs 3 crore.

The company intends to concentrate on groceries in addition to fruits and vegetables after becoming a leader in those markets. Another source, who also asked to remain anonymous because the talks aren’t yet public, stated that Otipy is expected to reach EBITDA breakeven in FY25.

Up to now, Otipy has raised $44 million (around 360 Crore), which includes a $32 million Series B investment in 2022 led by Westbridge Capital. SIG Global and WestBridge Capital are the company’s two biggest external stakeholders, according to the startup data analytics platform TheKredible.

Otipy makes significant investments in data analytics to effectively estimate demand and manage inventories. They can lessen surplus and make sure farmers can sell their produce at reasonable prices thanks to this predictive strategy. Further increasing client happiness and loyalty is their user-friendly smartphone app, which offers a smooth interface for clients to place orders and track deliveries.

The cornerstone of Otipy’s approach continues to be innovation. To improve company operations, they are always investigating cutting-edge technology like machine learning and artificial intelligence. In the quickly changing agritech market, Otipy guarantees a sustainable and competitive edge by staying ahead of technology changes and cultivating close ties with farmers.

With this fresh round of $10 Million funding, Otipy is going to expand it’s capabilities in Agri technology, operational efficiency and customer services. They plan to stay ahead in the competitive Agri-tech space but the startup is positive to yield greater returns and keep moving towards achieving newer milestones.