Our goal at Hyderabad Angels has always been to assist high-potential entrepreneurs that revolutionize markets and leave a lasting impression. We are pleased to announce today that Otipy, one of our portfolio businesses, has successfully obtained $2 million in venture debt from Nuvama Asset Management Limited. This achievement is evidence of Otipy’s strong market positioning and potential for future expansion.
A Path of Development and Creativity
By bringing farmers and consumers together directly, Otipy—founded by Varun Khurana—has been leading the charge to transform the farm-to-fork supply chain and guarantee the daily delivery of fresh fruit. Otipy, which presently operates in Mumbai and Delhi-NCR, is planning to extend its sustainable and effective business strategy to Hyderabad, Bengaluru, and Chennai.
Investors’ faith in Otipy’s vision and execution is strengthened by this financial milestone, which is a component of the company’s larger $10 million equity round. The company has secured $46 million so far, including $32 million in Series B fundraising in 2022 headed by WestBridge Capital.
Impact on the Market and Strategic Growth
Otipy’s creative strategy keeps establishing new standards for the sector. The company has entered the offline fresh produce retail market in Gurugram by introducing electric carts. This program, which was started as a pilot project, intends to restructure the way that people obtain fresh produce by putting traditional pushcarts under a franchise model.
Otipy’s strong business model and execution skills are seen in its projected ₹175 crore in topline revenue for FY24.
HA’s Dedication to Growing Revolutionary Startups
We at Hyderabad Angels are incredibly proud to have contributed to Otipy’s development and ongoing success. Beyond just funding, we prioritize strategic alliances, coaching, and long-term value generation for the firms we support. Otipy’s impressive success story demonstrates our dedication to finding and supporting high-impact businesses that spur innovation and expansion.
We are excited to support Otipy’s next stage of growth as it continues to transform the fresh produce and agri-tech industries with this most recent milestone.
