Farm-to-Fork Startup 'Otipy' set to mop-up $10 million in Series B

By Team Startupcity  |  Friday, 12 July 2024, 12:28 IST

Farm-to-Fork Startup 'Otipy' set to mop-up $10 million in Series B
Otipy, an inventive Farm-to-fork startup is under-talks to raise a fresh funding in an extended Series B round from current and new investors. The fresh capital to be raised in the funding round will hike the company reserves funds after 28 months as it raised $32 million in Series B in the month of March 2022. 
One of the sources subjected to this matter states, “A new investor along with existing ones are investing $10 million in Otipy. The company has received a term sheet and the deal is likely to get materialized soon.”
According to the sources that the funding will be utilized to empower the operations of Otipy in expanding its presence in existing and new cities. Currently, it is operational in Delhi – NCR and Mumbai but it may introduce its functions in Hyderabad and Bengaluru.
Otipy functions a farm-to-fork delivery model by obtaining directly from the farmers and providing fresh produce to the customers every morning. 
Regarding this, the official sources says, “The firm does Rs 20 crore gross merchandise value (GMV) every month with a Rs 3 crore burn. After establishing itself as a leader in fruits and vegetables, the firm plans to additionally focus on grocery. Otipy is also set to achieve EBITDA breakeven in FY25”.
In the year 2022, the startup has raised $44 million to-date inckuding its $32 million in Series B funding round directd by Westbridge Capital. As per the startup data intelligence platform, Thekredible, SIG Global is the greatest stakeholder externally in the company next to WestBridge Capital. 
As per the startup’s website, the company is backed by more than 20,000 farmers and has more than 1,000 partners on-board. The Gurugram-based company recorded more than 50% growth in scale to 173 crore in the financial year 2024 from 115 crore in the financial year 2023. However the losses of the startup also decreased by 21% in the financial year ending March 2024.

CURRENT ISSUE

BEST STARTUPS TO WORK FOR


Top Banner

siliconindia