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Exclusive: Otipy pilots electric carts to sell fruits and veggies offline

EntrackrEntrackr · 7m ago
Exclusive: Otipy pilots electric carts to sell fruits and veggies offline
Medial

Exclusive: Otipy pilots electric carts to sell fruits and veggies offline Otipy, a farm-to-fork company, has introduced electric carts in Gurugram city as part of a pilot project to sell fruits and vegetables offline, sources aware of the development told Entrackr. According to sources, the company has been piloting approximately 15 carts in the city for the past 5-6 months. Based on the feedback received, it plans to deploy additional carts in the coming months. “Apart from fruits and veggies, it also plans to add daily essentials such as milk and bread,” said a person familiar with the development. The offline carts will operate in the morning between 6:30 am and 10 am and in the evening between 6:30 and 10 pm. "Otipy plans to organize the push carts through a franchise model. Currently, each cart generates daily sales of Rs 8,000-10,000 in fruits and vegetables, with most operating profitably,” said another source. According to sources, Otipy aims to deploy 5,000 to 7,000 such carts by 2026 in Delhi NCR and Mumbai. "With the franchise model, one can earn Rs 30,000 to 35,000 per month." Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. Currently, it operates in Delhi-NCR and Mumbai, with plans to launch in Hyderabad, Bengaluru, and Chennai. The Varun Khurana-led company has raised $44 million to date, including its $32 million Series B round led by Westbridge Capital in 2022. For the fiscal year ending in March 2024 (FY24), Otipy claims to register Rs 175 crore in topline. The firm targets Rs 500 crore in gross revenue in FY25 with EBITDA profitability.

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Otipy raises $2 Mn in venture debt from Nuvama

EntrackrEntrackr · 5m ago
Otipy raises $2 Mn in venture debt from Nuvama
Medial

Otipy, a farm-to-fork company, has raised $2 million in venture debt from Nuvama Asset Management Limited. This raise comes ahead of its $10 million equity round as reported by Entrackr earlier. Otipy will use these funds for general corporate purposes. Otipy operates a farm-to-fork delivery model by procuring directly from farmers and delivering fresh produce to consumers every morning. Currently, it operates in Delhi-NCR and Mumbai, with plans to launch in Hyderabad, Bengaluru, and Chennai. The Varun Khurana-led company has raised $46 million to date, including its $32 million Series B round led by Westbridge Capital in 2022. According to the startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the firm, followed by WestBridge Capital. Recently, Otipy introduced electric carts in Gurugram as part of a pilot project to sell fruits and vegetables offline. The firm plans to organize the pushcarts through a franchise model and expand its services to other cities, including Mumbai. For the fiscal year ending in March 2024 (FY24), Otipy claims to register Rs 175 crore in topline.

Otipy posts 50% GMV growth in FY24; losses down by 21%

EntrackrEntrackr · 1y ago
Otipy posts 50% GMV growth in FY24; losses down by 21%
Medial

Milkbasket started subscription commerce in India but it appears that Westbridge-backed Otipy is championing the concept with its farm-to-fork model wherein it delivers ordered items the next morning. The company, which offers fruits, vegetables, dairy and bakery products along with a subscription option, claims over 50% growth in its GMV in the fiscal year ending March 2024. Otipy also reduced losses by 21% during the same period, its founder and chief executive officer Varun Khurana told Entrackr in an interview. “We did Rs 115 crore in gross revenue in FY23 and unaudited numbers show that our topline will stay near Rs 175 crore in FY24,” Khurana said. Otipy had a gross revenue of Rs 115 crore in FY23 which includes Rs 96 crore of operating revenue, Rs 11 crore of discount offered, and other income Rs 8 crore. Fruits and vegetables form 70% of the firm’s total collection while groceries and dairy products contributed 20% and 10%, respectively. According to Khurana, the cost of procurement formed 70% of its total expenditure. “Our total expenses including employee benefits and logistics stood at around Rs 245 crore in FY24,” he said. Otipy claims that it fulfills 8 lakh orders on a monthly basis, and is witnessing 10% month-on-month growth. Khurana disclosed that the average order value hovers in the range of Rs 270, adding that an fulfilment cost of Rs 40 per order allows the company “to operate profitably even at low AOVs of Rs 270.” While Otipy has been operating in Delhi (NCR) and Mumbai for some time, Khurana outlined that the firm plans to expand its footprint into Bengaluru and Hyderabad during the second half of 2024. “We stayed in the two metros for several years as we wanted to perfect the model, unit economics and there has been no dearth of depth in NCR and Mumbai. Now that the company is making money at an order level, we plan further expansion” said Khurana while explaining the rationale behind gradual expansion. Backed by the likes of Westbridge Capital, SIG India, Omidyar Network, Otipy has raised $44 million across several rounds including a $32 million Series B round. “Strong focus on bringing the losses down throughout the last fiscal year helped us to cut losses by 21% to Rs 71 crore in FY23,” said Khurana. Khurana claims that Otipy has hit an average monthly revenue run rate (ARR) of Rs 20 crore. “We are targeting to touch Rs 500 crore in gross revenue in FY25 and hit positive ebitda at a monthly level,” said Khurana. Otipy has been a relatively quiet success story, building up strengths even as larger, flashier rivals have floundered. The firm has built up a strong base of users today, and the promise of delivering fresh produce has withstood challenges along the way. We are not sure about the actual performance of the categories beyond fresh fruits and vegetables, as Otipy has frequently gone with smaller brands in the space to support margins. However, it risks diluting its own core brand promise of fresh produce delivery if it goes too far down that path and associates with produce that does not meet the same promise in fact. The firm is likely to find expansion easier now, thanks to its learnings. However, both East India and South India, are tough nuts to crack due to elevated competition and the different nature of the markets, from being more price sensitive (East) to brand savvy (South).

Otipy set to raise $10 Mn from new and existing investors

EntrackrEntrackr · 1y ago
Otipy set to raise $10 Mn from new and existing investors
Medial

Farm-to-fork firm Otipy is set to mop up fresh capital in an extended series B round from new and existing investors, two sources aware of the matter told Entrackr. The fresh funding will hit the company’s coffers 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.” Sources say that the capital will be used to strengthen Otipy’s operations in existing cities and expansion. It’s operational in Delhi (NCR) and Mumbai but it may launch in Bengaluru and Hyderabad, said sources. 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 who also requested anonymity as talks are yet to be public. Queries sent to Otipy didn’t elicit any immediate response. Otipy has raised $44 million to date including its $32 million Series B round led by Westbridge Capital in 2022. According to the startup data intelligence platform TheKredible, SIG Global is the largest external stakeholder in the firm followed by WestBridge Capital. Head to TheKredibe for Otipy’s complete shareholding pattern. 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.

Exclusive: Alteria infuses Rs 70 Cr debt in Country Delight

EntrackrEntrackr · 1y ago
Exclusive: Alteria infuses Rs 70 Cr debt in Country Delight
Medial

Dairy brand and daily essential brand Country Delight has raised Rs 70 crore ($8.45 million) in debt from Alteria Capital. This is the second debt infusion from the investor in the Gurugram-based firm in 2024. The board at Country Delight has issued 7000 non-convertible debentures (NCDs) at an issue Price Rs 1,00,000 each to raise Rs 70 crore ($8.45 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. In May, Country Delight raised Rs 76 crore ($9 million) through debt and equity from Alteria Capital. Prior to that, it scooped up $20 million as a part of Series E round in January this year. The company was valued at around $820 million during the equity round. The Chakradhar Gade-led company also saw a secondary transaction in February when Orios Venture Partners made a partial exit by selling 3% stake to Temasek for around Rs 225 crore ($27 million). It was one of the multi-bagger exits for the early-stage VC firm, which also made substantial returns on its investments in BatterySmart. Country Delight is a dairy and grocery startup that offers the delivery of milk, milk products, fruits and vegetables on a subscription basis. The platform engages directly with the farmers without middlemen. It’s operational in Delhi (NCR), Mumbai, Bengaluru, and Chennai, among others. Country Delight’s operating revenue reportedly stood at Rs 650 crore ($78 million) in the first half of the last financial year (FY24). The company is likely to post a significant jump in FY24 from the estimated revenue of Rs 900 crore ($108 million) in FY23. The firm is yet to report FY23 and FY24 numbers officially. Check startup data intelligence platform TheKredible for country Delight’s latest shareholding and funding round breakups. It competes with Akshayakalpa, Milk Mantra, Sid’s Farm and Otipy, among others. While Akshayakalpa already raised $12 million as a part of a larger round in January, Sid’s Farm raised $10 million in Series A in June. Otipy is closing a $10 million round from new and existing investors. Entrackr exclusively reported the development last month.

Exclusive: e-Luna maker Kinetic Green raises $20 Mn from Greater Pacific Capital

EntrackrEntrackr · 1y ago
Exclusive: e-Luna maker Kinetic Green raises $20 Mn from Greater Pacific Capital
Medial

Kinetic Green, the EV-making arm of Kinetic group, has raised Rs 168 crore or $20 million in equity and debt from Greater Pacific Capital. This is the maiden investment round for the Pune-based company in 2024. The board at Kinetic Green has passed a special resolution to issue 10,100 non-convertible debentures to raise Rs 101 crore from Greater Pacific Capital, its regulatory filing with Registrar of Companies (RoC) shows. At the same time, the firm has also mopped up Rs 67 crore in Series A by allocating 7,04,612 preference shares to the London-based investor. The Pune (Chinchwad)-based company will use these proceeds for the repayments of debt, overdue, capital expenditure, and sales cum marketing, the filings further added. As per TheKredible’s estimates, Kinetic Green has been valued at around Rs 1,467 crore or $176 million post-allotment. Additionally, the new investor will hold 4.58% of the company, the filings added. Kinetic Green offers electric three-wheelers and two-wheelers. It also has a partnership with the luxury brand Tonino Lamborghini for electric golf carts and buggies. Its top executive Sullaja Firodia Motwani said in February that the firm will invest Rs 100 crore to launch e-Luna. The company was reportedly in discussions to raise Rs 200-400 crore, and it may raise more capital in this round. During calendar year 2022-23, Kinetic Green claims to have sold 50,000 EVs. For FY25, the firm aims to sell 100,000 units and garner revenue of Rs 1,000 crore. It also aims to capture 12-15% market share in EV two-wheelers and three-wheelers segments. According to the startup data intelligence platform TheKredible, Kinetic Green’s revenues spiked 50% to Rs 303 crore in FY23 with a mere loss of Rs 7 crore. The company is yet to file its annual results for FY24.

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