Social commerce startup Otipy recently raised $1 million from Inflection point ventures. It aims to compete with the likes of big basket by delivering fresh foods and vegetables to consumers.
With the lock-down restrictions due to COVID-19 slowly dissolving, the startup is seeing a boost in revenue. In the past 3 months, the company has grown over 3 times and is expecting further growth as time passes. The company has also received over 12 fundings since march.
The CEO of Otipy Vinay Bansal said, “Otipy is a new concept in India and has gained huge traction so far. Not only does it eliminate the challenge of fair pricing for farmers, but also ensures delivery of fresh produce to the end-consumers.”
How Otipy functions and aims to use the funding?
The process of delivering fresh fruits and vegetables that are clean and hygienic is not easy. The company uses over a 1000 woman resellers to provide customer demands. It is serving over 1 lakh customers. On recently receiving the funding, the CEO of Otipy Varun said:
On the funding, Otipy Co-founder and CEO Varun Khurana said, “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. “
The company also plans to expand its reseller base in Delhi and improve its technology at the same time. At present, it is operating in Delhi, Gurugram, Noida, Ghaziabad, and Greater Noida. The startup uses high tech algorithms to make sure that every customer gets fresh produce timely.
Social commerce startup Otipy is creating a difference in the market for the farmers and women resellers. It is providing an excellent service during the pandemic and has shown enormous potential to grow.