Farm-to-fork firm Otipy is set to raise new funding  in an extended series B round from new and existing investors. The fresh funding will added to  company’s finance 28 months after it raised $32 million in Series B in March 2022.

“A new investor along with existing ones are investing $10 million in Otipy,” said one of the sources requesting anonymity. “The company has received a term sheet and the deal is likely to get materialized soon.”

Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. “The firm does Rs 20 crore gross merchandise value (GMV) every month with a Rs 3 crore burn. After establishing itself as a leader in fruits and vegetables, the firm plans to additionally focus on grocery. Otipy is also set to achieve EBITDA breakeven in FY25,” said another source.

Company has raised $44 million to date including its $32 million Series B round led by Westbridge Capital in 2022. According to the company’s website, Otipy is supported by more than 20,000 farmers and has over 1,000 partners on board. The Gurugram-based company managed over 50% growth in scale to Rs 173 crore in FY24 from Rs 115 crore in FY23. Moreover, its losses also declined by 21% in the fiscal year ending March 2024.

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