Social e-commerce venture of farm-to-fork agritech startup, Otipy, on Monday announced it is planning to raise $10 million this year to expand its presence in the country.
According to a statement from the startup, it aims to empower more resellers and further build its business across India. The company is in active discussions to raise $10 million in 2021.
Otipy has already raised $ 2 million in 2020 from Inflection Point (IP) Ventures and the Smile Group.
Otipy Founder Varun Khurana 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.”
“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,” he added.
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.
The company claims to cater 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.
The fresh grocery category in India stands at $200 billion, of which less than 1 per cent accounted for online grocery.
Otipy has presence in Delhi, Gurugram, Noida, Ghaziabad, and Greater Noida.