SIG leads $10.2m series A round of Indian agritech startup Otipy

India-based agritech startup Otipy has raised US$10.2 million in a series A round led by private equity firm SIG.

Omidyar Network India, InnoVen Capital, and existing investors Inflection Point Ventures (IPV), Pravega, and FactorE also participated in the round. The latest funding round follows Otipy’s US$2 million raise from IPV last year.

Photo credit: Otipy

Launched in 2020, Otipy focuses on providing fresh farm produce to consumers.

The company’s CEO and founder, Varun Khurana, told Tech in Asia that the firm takes bookings from customers before it harvests, allowing the company to identify places where the produce needs to go after they are picked. Then through a reseller model, the produce reaches the customer within a 12-hour timeframe.

The objective is to address fresh produce wastage without depending on conventional supply chains.

According to Khurana, Otipy will add newer categories and expand to more cities in the coming months. He said that the company, which is looking to set up new warehouses in Delhi and other cities, is already hiring more people and working to improve tools for resellers.

Otipy currently offers its services in the Delhi-NCR region. It has over 200,000 registered users and about 80,000 monthly active users, according to the company.

The platform handles about 7,000 to 8,000 daily orders, works with over 10,000 farmers, and has onboarded more than 5,000 resellers, who are also responsible for last-mile delivery.