NEW DELHI: Otipy, the social commerce venture of farm-to-fork agricultural tech startup Crofarm today said that it has raised $ 1 mn from Inflection Point Ventures (IPV). IPV is an early-stage investing platform.
Otipy uses social media to connect consumers with farmers through resellers (who are mostly women) who sell fruits and vegetables. The produce is chemical-free, according to the company. The company claims to have more than 1000 resellers catering to over 100,000 consumers.
Varun Khurana, co-founder, Otipy said, âWe are super excited to partner with Inflection Point Ventures at this juncture when our business is showing very high consumer stickiness. We have built a very strong community with our partner resellers (mostly women) and have empowered them by providing an alternate source of income especially in these times when other sources have dried up. Also, with the recent changes in APMC our farmer network is growing at a very fast pace.â
Vinay Bansal, Founder, IPV said, âOtipyâ¦ eliminate(s) the challenge of fair pricing for farmers, but also ensures delivery of fresh produce to end-consumers in a manner that is unmatchable on price and freshness that is enabled by unique and tech-drive supply chain. The company has really performed well since its inception, and itâs certainly going to be a trendsetter in the times to come.â
Otipy said it will use the funds to improve existing tech infrastructure, increase its reseller base in Delhi NCR and its farmer relationships. The platform is operational in Delhi, Gurgaon, Noida, Ghaziabad and Greater Noida.
The company said it uses an artificial intelligence-based tool to predict demand.