Otipy to raise $10 mn in 2021

Mumbai: Social e-commerce platform for fresh produce Otipy on Monday said it is planning to raise $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 $10 million in 2021, the company said in a statement.

Otipy has already raised $2 million in 2020 from Inflection Point (IP) Ventures and the Smile Group. "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," Otipy founder Varun Khurana said.

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.