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Otipy set to raise $10 Mn from new and existing investors
Entrackr
·
1y ago
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.
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Otipy raises $2 Mn in venture debt from Nuvama
Entrackr
·
5m ago
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.
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Knight Fintech to raise $10-12 Mn in fresh round
Entrackr
·
2y ago
Medial
Fintech startup Knight Fintech is in talks to raise fresh funds from new and existing investors, according to sources aware of the development. This would be the maiden funding round for the Mumbai-based company in 2023.
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Advent International to invest $175 mn in Felix Pharma
VCCircle
·
2m ago
Medial
Advent International is set to invest $175 million in Felix Pharmaceuticals Pvt Ltd, an Ireland-based animal healthcare company with operations in India. The private equity firm will acquire a significant minority stake through a combination of primary infusion and secondary transactions. This move follows reports from last year indicating Felix's intent to raise funds and potential exits by existing investors. The agreement highlights Advent's strategic interest in expanding its portfolio in the healthcare sector.
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Check out the PE/VC firms, marquee angel investors losing out as Otipy shuts down
VCCircle
·
2m ago
Medial
WestBridge Capital and several other investors in Crofarm Agriproducts Pvt Ltd, the company behind agritech platform Otipy, have faced losses as Otipy has ceased operations. The shutdown occurred after the company was unable to secure new funding, crucial for sustaining its business, following significant losses.
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Blue Tokai negotiates $40-mn raise at $160-mn valuation
The Arc Web
·
1y ago
Medial
Blue Tokai, a coffee chain, is set to raise $40 million in funding, with consumer fund 12 Flags Group making its first investment. The investment will primarily be a secondary transaction, with existing investors likely to increase their investments as well. Blue Tokai is currently discussing a valuation of around $160 million and may attract another new investor. The specialty coffee sector is experiencing significant interest as consumers seek premium offerings. Blue Tokai and Third Wave, two major players in the market, operate around 100 stores each. In the fiscal year 2022-2023, Blue Tokai generated revenues of Rs 129 crore, while Starbucks India reported sales of Rs 1,081 crore.
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Grapevine: Vodafone Idea explores equity raise; Cult.fit raises fresh capital
VCCircle
·
1y ago
Medial
Vodafone Idea is reportedly considering a new equity raise from investors, which could lead to a dilution of existing shareholder stakes. The company's board of directors is set to meet to decide on the fundraising amount. In other news, Cult.fit has successfully raised fresh capital. Further details were not provided in the article.
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Decoding Flipkart’s $600 Mn round, captable and valuation
Entrackr
·
1y ago
Medial
E-commerce giant Flipkart has raised $600 million from its holding company Walmart through the investment arm FIT HOLDINGS SARL. Walmart spearheaded the round with $598.7 million, increasing its stake in Flipkart to 84.6%. The funds will be used to expand operations and strengthen supply chain and tech capabilities. The company is expected to raise a total of $1 billion, with $400 million coming from existing and new investors. Flipkart's valuation stands at $32.55 billion post-allotment.
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Exclusive: Battery Smart To Raise $45 Mn From Acacia, MUFG, Existing Investors
Inc42
·
1y ago
Medial
Delhi-based battery-swapping startup Battery Smart is set to raise around INR 376.3 crore (approximately $45 million) in a Series B funding round. Both existing and new investors, including Acacia Inclusion Ltd, MUFG Bank, and Panasonic-Kurashi Fund, will participate in the investment. Following the funding, Battery Smart is valued at approximately $350 million. The capital raised will be used for business growth and expansion. Battery Smart offers battery swapping solutions and charging infrastructure in Delhi NCR and competes with other players such as Chargeup and Sun Mobility in the battery swapping space.
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Agritech Startup Otipy Joins ONDC Bandwagon To Ramp Up Consumer Footprint
Inc42
·
1y ago
Medial
Agritech startup Otipy has joined the government-backed open network for digital commerce (ONDC) to expand its consumer base through the platform. Otipy sells fresh produce through its mobile apps and plans to integrate with platforms like Pincode and Paytm. The company, which uses technology to procure fresh produce from farmers and delivers it to customers within 12 hours, aims to increase its user base from 150,000 per month to one million by the end of the year. Otipy also plans to expand to cities like Hyderabad, Bengaluru, and Chennai and raise $75 million in series C funding.
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Gold loan startup Oro Money raises $12.5 Mn in new round
Entrackr
·
1y ago
Medial
Chennai-based gold loan platform Oro Money has raised approximately $12.5 million in a new funding round. The startup issued preference shares to raise Rs 105 crore, with new investors Singularity Ventures and Three State Capital contributing Rs 28 crore and 16 crore respectively. Existing investors PI Opportunities Fund and 021 Capital also participated, along with individual investors Mithun Sacheti and Siddhartha Sacheti. Oro Money, which offers gold loans at an interest rate of 9.48%, plans to expand to Coimbatore and Delhi. It competes with firms such as Indiagold, Ruptok, and Rupeek.
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