Agritech platform, Otipy (operated by Crofarm Agriproducts Pvt Ltd), expects to clock ₹200 crore in annual recurring revenue (ARR) in the financial year ending March 2023, registering a three fold growth over the previous year.

Otipy, a community group buying platform, works closely with over 1000 partners/resellers across Delhi-NCR and Maharashtra who serve over 12 lakhs consumers with fresh produce at their doorstep.

Otipy, in a statement, said it has onboarded more than 20,000 farmers and sources fresh fruits and vegetables from farmers across Haryana, UP, Delhi, Gujarat, Himachal Pradesh, Karnataka, Rajasthan, and Maharashtra. This makes the platform India’s first farm-to-home platform connecting consumers to farmers through a community of resellers and earning a healthy commission while handling the last-mile delivery of fresh produce.

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Over the last nine months of the calendar year 2022, Otipy doubled its new registered users to over 12 lakhs by December 2022 from 6 lakhs from March 2022. Otipy also achieved operational break-even in Delhi NCR this financial year. “Fruits and vegetables is a 38%-40% margin category, it is the wastage that kills those margins. We have been able to reduce wastages to 3%-4% by leveraging our AI-based demand prediction technology, this has helped us achieve operational break-even quickly. For most companies, fruits and vegetables is a loss-making category”, said Varun Khurana, Founder and CEO, Otipy. Other than Delhi NCR, Otipy also launched operations in Mumbai this financial year.

The start-up sells more than 130-140 tonnes of fresh produce to consumers every day, which contributes to 80% of the business. Other categories like dairy, bakery, and dry agri-commodities are already contributing to 20% of the business.

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Fundraising

Khurana said the company plans to raise further funding as it plans to scale up its operations. So far, the start-up has raised total funding of more than $45 million across its Series A and B rounds. The company said it is in talks to raise a $75 million series C round.

Otipy plans to launch its services in Bangalore, Hyderabad, Chennai, etc., and also has plans to go international. The company is currently on a hiring spree and hired 400 employees in 2022 and is aiming to bring the total count to 600 employees by March 2023.

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