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Otipy raises $2 Mn in venture debt from Nuvama

EntrackrEntrackr · 4m 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 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: Flipkart shuts down ANS Commerce

EntrackrEntrackr · 5m ago
Exclusive: Flipkart shuts down ANS Commerce
Medial

url: https://entrackr.com/exclusive/exclusive-flipkart-shuts-down-ans-commerce-8765612 Content: Flipkart has decided to shut down ANS Commerce, its full-stack e-commerce enabler, three years after acquiring the Gurugram-based company, sources familiar with the matter told Entrackr. "Flipkart has decided to shut down ANS Commerce and has also laid off several employees associated with it," said a source familiar with the matter, requesting anonymity. Confirming the development to Entrackr, a Flipkart spokesperson said, “'After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and customers.” “To minimize the impact on employees during this transition, we plan to offer internal opportunities at Flipkart, outplacement services, and severance packages,’ the spokesperson added. Founded by Amit Monga, Vibhor Sahare, Sushant Puri, and Nakul Singh, ANS Commerce is a full-stack e-commerce enabler offering services such as store tech, performance marketing, marketplace management, e-commerce warehousing, and fulfillment. It collaborates with over 100 brands, including Jack & Jones, Vero Moda, HUL, Piramal, Lakme, Nivea, Oziva, CEAT, and Bikanervala. The firm raised $2.2 million in its pre-Series A round, led by Gokul Rajaram and Venture Catalysts in October 2021. According to sources, ANS Commerce was acquired in a deal worth Rs 250-300 crore ($35-40 million) three years ago. During FY24, ANS Commerce recorded a 39.4% increase in operating revenue to Rs 54 crore, compared to Rs 39 crore in FY23. However, the company's net loss widened by 27.1% to Rs 73.8 crore in FY24 from Rs 57.8 crore in the previous year.

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

EntrackrEntrackr · 6m 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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