Otipy, the farm-to-fork firm, is gearing up to secure $10 million in an extended series B funding round from both new and existing investors, sources familiar with the matter revealed exclusively to Entrackr. This fresh capital injection comes 28 months after the company raised $32 million in its previous Series B round in March 2022.
According to insider sources, Otipy is finalizing terms with a new investor alongside its existing backers to infuse $10 million into the company. The deal is expected to be formalized shortly, aimed at bolstering Otipy’s operational footprint in its current markets and potentially expanding into Bengaluru and Hyderabad, sources added.
Otipy operates on a farm-to-fork model, sourcing directly from farmers to deliver fresh produce to consumers daily. The company achieves a monthly gross merchandise value (GMV) of Rs 20 crore with a burn rate of Rs 3 crore. After establishing a stronghold in the fruits and vegetables segment, Otipy plans to pivot towards grocery items and aims to achieve EBITDA breakeven in the fiscal year 2025, according to sources close to the matter.
Since its inception, Otipy has raised a total of $44 million, including the $32 million Series B round led by Westbridge Capital in 2022. As per TheKredible, SIG Global holds the largest external stake in the company, followed by WestBridge Capital.
Otipy, headquartered in Gurugram, boasts a network of over 20,000 farmers and collaborates with more than 1,000 partners. The company achieved a remarkable 50% growth in scale, reaching Rs 173 crore in FY24 from Rs 115 crore in FY23. Additionally, Otipy managed to reduce its losses by 21% in the fiscal year ending March 2024.
The impending $10 million funding round underscores Otipy’s commitment to expanding its market presence and achieving financial sustainability. With a focus on enhancing its grocery offerings and scaling operations across key cities, Otipy aims to solidify its position as a leader in the farm-to-fork segment in India.
This comprehensive strategy aligns with Otipy’s mission to revolutionize fresh produce delivery while driving growth and profitability in the competitive agritech sector.
Source:- Entrackr
