Otipy, the social commerce venture of farm-to-fork agritech startup Crofarm, said it is planning to raise USD 10 million this year to expand its presence in the country.
To empower more resellers and further build its business across India, Otipy is in active discussions to raise USD 10 million in 2021, the company said in a statement.
Otipy has already raised USD 2 million in 2020 from Inflection Point (IP) Ventures and the Smile Group. Otipy has presence in Delhi, Gurugram, Noida, Ghaziabad, and Greater Noida.
Commenting on the development, Varun Khurana, Otipy Founder, said: “We have a history and deep understanding of fresh produce that we have leveraged to build a social commerce model that creates earning opportunities for women and stores, helps farmers, and provides fresher, more nutritious produce to consumers at a lesser price.”
Khurana further noted that “in the last 8-9 months, we have built a robust platform in the fresh produce category supporting over 2,500 women and stores as resellers and are witnessing a phenomenal response from customers in Delhi NCR. We now plan to further expand this market in other cities as well.”
These community leaders/resellers earn a commission of up to 10 per cent for all group sales, the highest across all social commerce brands in India, the company claimed.
Otipy is already catering to over 5,000 daily orders from one lakh consumers in Delhi and NCR.
Otipy also plans to extend its platform to other categories and has already launched specific dairy, grocery products on the platform.
Otipy uses AI-based demand prediction tool to collect historical data to procure the produce, facilitates on-demand harvesting and thereby ensures delivery of fresh produce on the same day.
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