Crofarm Agriproducts Pvt Ltd, the parent company of Otipy, saw a 56% increase in its revenue to Rs 50.24 crore for the financial year 2022-23 from Rs 32.2 crore in the previous year.
The ecommerce platform for fresh agri produce incurred a loss of Rs 28.1 crore, 18.45% higher than the losses incurred in the fiscal year 2021-22, Rs 23.72 crore.
In February, as per media reports, the agritech platform said it aimed to achieve Rs 200 crore in annual recurring revenue (ARR) for the financial year ending March 2023, marking a 3X growth over the previous year.
Employee benefit expenses for Otipy almost doubled to Rs 32.01 crore, up from Rs 16.06 crore in the previous year. The company’s total expenses amounted to Rs 86.90 crore.
Crofarm’s loans rose from Rs 35.94 lakh in 2021-22 to Rs 6.86 crore in 2022-23. Its total outstanding loans, including those to its subsidiary Otipy Internet Private Ltd., reached Rs 36.86 crore, a 2.7x increase from Rs 13.52 crore in FY22.
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In March 2022, Otipy raised $32 million (Rs 235 crore) in a Series B funding round led by Westbridge Capital and existing investors Susquehanna International Group (SIG) and Omidyar Network India—just six months after raising a $10.2 million Series A led by SIG.
The Gurugram-based B2B2C agritech platform connects consumers, resellers, and farmers to deliver fresh produce within 12 hours. It shifted from a B2B to a B2B2C model by collaborating with 20,000+ small farmers and 100+ farmer-producer organisations.
Otipy’s app offers farm-fresh produce, private labels, and 1,300+ FMCG items. It employs pre-cooling units, warehouses with climate control, and a blockchain-based traceability system to minimise wastage.
Edited by Suman Singh
