Otipy, a farm-to-fork agritech company, has secured $2 million in venture debt from Nuvama Asset Management Limited. This funding comes ahead of its anticipated $10 million equity round, as previously reported by Entrackr.
The company plans to utilize these funds for general corporate purposes, further strengthening its operations and expansion plans.
Otipy follows a farm-to-fork model, directly sourcing fresh produce from farmers and delivering it to consumers every morning. Currently, the company operates in Delhi-NCR and Mumbai, with imminent plans to expand into Hyderabad, Bengaluru, and Chennai.
Led by Varun Khurana, Otipy has raised a total of $46 million to date. This includes its $32 million Series B round in 2022, led by WestBridge Capital. According to startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the company, followed by WestBridge Capital.
In addition to its online delivery model, Otipy recently launched a pilot project in Gurugram, introducing electric carts for offline sales of fruits and vegetables. The company plans to scale this initiative through a franchise model, with Mumbai being one of the next target cities.
For the fiscal year ending in March 2024 (FY24), Otipy projects a topline revenue of Rs 175 crore, marking steady growth in its operations and market presence.
