Yesterday, social e-commerce platform for fresh produce Otipy announced it is planning to raise US$10 million this year to expand its presence in India. To empower more resellers and further build its business across the country, Otipy is in active discussions to raise US$10 million in 2021, the company said in a statement.
Earlier, Otipy raised US$2 million in 2020 from Inflection Point (IP) Ventures and the Smile Group.
"We have a history and deep understanding of fresh produce that we have leveraged to build a social commerce model that creates earning opportunities for women and stores, helps farmers, and provides fresher, more nutritious produce to consumers at a lesser price," Otipy Founder Varun Khurana told outlookindia.com. He added that "in the last 8-9 months, we have built a robust platform in the fresh produce category supporting over 2,500 women and stores as resellers and are witnessing a phenomenal response from customers in Delhi NCR. We now plan to further expand this market in other cities as well."
These community leaders/resellers earn a commission of up to 10 per cent for all group sales, the highest across all social commerce brands in India, the company claimed.
Otipy is already catering to over 5,000 daily orders from one lakh consumers in Delhi and NCR.