Otipy raises Rs 235 crores($32 million) in Series B funding round led by Westbridge Capital. The round also saw participation from the existing investors like SIG and Omidyar Network India.
The announcement came just after the six months when they raised a Series-A funding of Rs 76 crores($10.2 million).
Otipy is a leader amongst the online players in Delhi NCR, moves more than 100 tonnes of fresh produce from the farms to its consumers every day. Otipy boasts of industry’s lowest wastage of 3% which is 10x better than the conventional supply chain. Also, leveraging its community leader model Otipy operates at the industry’s lowest logistics cost as low as Rs 4/kg, from its warehouse to the consumer’s doorstep.
Varun Khurana Founder & CEO Otipy said “Leveraging our fast supply chain and community leader network we aim to provide fresh, quality produce to consumers at the lowest price. We will continue to build on our proposition for value conscious consumers. The series B round of funding will support us as we expand to new pin codes, strengthen our supply chain, invest in cutting edge tech, add product categories and accelerate our mission of making fresh, nutritious food accessible to all.”
Sandeep Singhal, MD at Westbridge Capital adds “We are excited to partner with Otipy as they disrupt the daily essentials market via the community group buying model. Otipy is creating value for farmers, community leaders and consumers. We see very strong fundamentals in their business model and are excited to be partners in their growth journey.”
Otipy has over 5 lakh customers across Delhi NCR as well as tier 2/3 towns like Sonepat, Meerut and Bhiwadi. It now plans to expand its operations to Bangalore, Mumbai and Hyderabad and Chennai.