We are excited to announce that one of our earliest GoodWorks Angel Fund portfolio startups Otipy (Crofarm) has raised $10.2 Mn in Series A round lead by SIG. Other investors in the round were Omidyar Network India, Innoven Capital, and the existing investors Inflection Point Ventures, Pravega and FactorE.
Earlier in 2020, the startup had raised $2 Mn led by Inflection Point Ventures(IPV).
Launched in 2020, Otipy is an agritech and social commerce startup founded by Varun Khurana and Prashant Jain. A part of Crofarm Agriproducts Pvt Ltd, Otipy is a social commerce platform for fresh produce that includes vegetables, fruits, dairy, and other grocery items. From over 10,000 farmers, Otipy sources over 2,500 tonnes of fresh produce every month. It has the farm-to-fork delivery model that retains the freshness of the stock by procuring directly from farmers and delivering fresh produce to consumers in less than 12 hours.
Varun Khurana Founder & CEO Otipy said, “This new round of funding will support us in our future growth trajectory, adding additional categories on our supply chain making it more efficient and accelerate our mission of making fresh, nutritious food accessible to all.” “Fresh produce is a 35 per cent-40 per cent gross margin category, however, it is the wastage that kills those margins. We are amongst the first companies that have been able to control it via our innovative model,” he added.
The startup sources fresh produce from farmers across Haryana, UP, Delhi, Gujarat, Himachal Pradesh, Karnataka, Rajasthan, and Maharashtra. It is currently serving households across the Delhi-NCR region and soon will expand all over the country.
We are proud of their achievements and wish Varun and the team the best for the future roadmap. Excited about being part of their growth story.
For more such startup news stay tuned here!
