Otipy, a leading farm-to-fork delivery company, has secured $2 million in venture debt from Nuvama Asset Management Limited. The company plans to use these funds for general corporate needs.
On a direct-from-farm model, Otipy delivers fresh produce to consumers each morning. Currently serving Delhi-NCR and Mumbai, the company plans to expand to Hyderabad, Bengaluru, and Chennai soon.
Led by Varun Khurana, Otipy has raised $46 million, including a $32 million Series B round from Westbridge Capital in 2022. SIG Global is the largest external investor, followed by Westbridge Capital, according to startup data platform TheKredible.
Recently, Otipy launched a pilot project in Gurugram, introducing electric carts for offline fruit and vegetable sales. The company plans to expand this initiative with a franchise model, extending its reach to more cities, including Mumbai.
For the fiscal year ending March 2024, Otipy expects to achieve a topline of Rs 175 crore.
