PE Fund Investments
Fruits & vegetables marketplace Otipy raises $26-M from WestBridge, SAI Global, others
Otipy, a Gurugram-based community group buying platform for fresh fruits and vegetables, has raised around USD 26 million in its ongoing Series B round from WestBridge, SAI Global and others. Otipy's parent Crofarm Agriproducts Pvt Ltd has approved allotment of 6,879 Series B preference shares and 10 equity shares at INR 2,80,088.2 each to raise INR 193 crore (about USD 25.7 million.) WestBridge led the round with an investment of INR 125.6 crore followed by SAI Global and Omidyar Network which invested INR 44.8 crore and INR 22.5 crore respectively. Otipy is estimated to have raised the fresh funds at a post-money valuation of USD 130-135 million, against USD 25-30 million during its last round this July. Promoters have diluted their collective stakes from 24.7% to 19.3% post this round while new investor WestBridge has acquired nearly 14% stake in the company. Existing backers SAI Global and Omidyar have increased their respective stakes to 16.6% and 10.8% respectively. Otipy connects consumers to farmers through a community of resellers who handle the last-mile delivery of fruits and vegetables.
From the Venture Intelligence PE-VC Deal Database: In Jul-21, Otipy (Crofarm) raised $10.2 M from Susquehanna International Group, Pravega Ventures, InnoVen Capital, Omidyar Network, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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