Crofarm, a Gurugram-based Agritech startup working on making a supply chain that supports farmers and provides businesses with freshest produce in the most efficient manner, announced that it has raised $1 million in a funding round led by Smile Group, according to YourStory report.
Also, the company announced entering into business-to-business-to-consumer (b2b2c) space with the launch of Otipy, a community-based platform that connects consumers, resellers and farmers.
The Gurugram-based firm said in a statement that Otipy will work on a social commerce model, where the company will deliver the products to resellers, who will handle the last-mile delivery and can earn a healthy commission.
Founded in 2016 by Varun Khurana and Prashant Jain, Crofarm supplies fruits and vegetables to over 5,000 retailers, which is sourced from farmers across Haryana, UP, Delhi, Gujarat, Himachal Pradesh, Karnataka, Rajasthan, and Maharashtra.
Varun Khurana, Co-founder and CEO of Crofarm, said that the company is targeting the large market with a broken supply chain but a scalable demand led-model. “Globally, Chinese e-commerce platform Xingsheng Youxuan has championed the model, while the Chilibeli is mirroring the social commerce format with a decent scale,” Varun added.
Earlier in 2019, the agritech startup had received $500,000 from a clutch of HNIs including Vinay Mittal, former Chief of Strategy at HT Media, Ramit Sethi from Strongbox Ventures, and others.
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