Otipy, a community group buying platform for fresh fruits and vegetables, has raised around $26 million in its ongoing Series B round from WestBridge, SAI Global and others.
The fresh funds has come within five months for Otipy, which transformed from a farm-to-retail model [Crofarm] to become a B2B2C platform in early 2020.
Otipy’s parent has approved the allotment of several thousands preference shares and 10 equity shares to raise Rs 193 crore or $25.7 million, regulatory filings show.
WestBridge led the round with an investment of 125.6 crore followed by SAI Global and Omidyar Network which invested Rs 44.8 crore and Rs 22.5 crore respectively. This appears to be an ongoing round and the agritech startup is likely raise more funds in this institutional round in the coming days.
Promoters have diluted their collective stakes from 24.7% to 19.3% post this round while new investor WestBridge has acquired nearly 14% stake in the company. Existing backers SAI Global and Omidyar have increased their respective stakes to 16.6% and 10.8% respectively.
Otipy connects end consumers to farmers via a community of resellers who handle the last-mile delivery of fruits and vegetables. The Gurugram-based startup works closely with reseller partners, primarily women and neighbourhood stores.
According to the Varun Khurana-led company, these resellers earn 8-10% in commission on each fulfilment.
Otipy claims that it has over 2 lakh customers, onboarded more than 10K partners and has received over 25 lakh orders since its inception in 2020. Currently, it procures from farmers across Haryana, Gujarat, Rajasthan, Maharashtra, Uttar Pradesh, Himachal Pradesh and others.
Otipy directly competes with Messho’s Farmiso and indirectly with Safal Stores and hyperlocal sabziwalas along with e-grocers such as BigBasket and Grofers.
