Nuvama Asset Management Limited has provided $2 million in venture debt to Otipy, a farm-to-fork business. This raise precedes its $10 million equity round, as previously reported by Entrackr.
These funds will be used for general business purposes by Otipy.
Fresh produce is delivered to customers every morning by Otipy, which uses a farm-to-fork delivery model and purchases directly from farmers. With plans to open in Hyderabad, Bengaluru, and Chennai, it currently operates in Mumbai and Delhi-NCR.
To date, the Varun Khurana-led business has raised $46 million, including $32 million in 2022 from a Series B round led by Westbridge Capital. WestBridge Capital is the company’s second-largest external stakeholder, after SIG Global, according to media.
In an effort to sell fruits and vegetables offline, Otipy recently launched electric carts in Gurugram. The company intends to use a franchise model to set up the pushcarts and extend its offerings to Mumbai and other cities.
According to Otipy, its topline for the fiscal year that ends in March 2024 (FY24) will be Rs 175 crore.
