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 monies will be used for general business activities by Otipy.
Fresh food is delivered to customers every morning by Otipy, which uses a farm-to-fork delivery approach and purchases directly from farmers. With aspirations to open in Hyderabad, Bengaluru, and Chennai, it now 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 sponsored by Westbridge Capital. WestBridge Capital is the company's second-largest external stakeholder, after SIG Global, according to the startup data analytics platform TheKredible.
In an effort to sell fruits and veggies offline, Otipy has launched electric carts in Gurugram. The company intends to use a franchising 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.
Early-stage startup accelerator PedalStart has contributed $100,000 to the pre-seed round of the shoe care company SHOEGR, based in Mohali.
The money raised will be put toward expanding and scaling its line of products, expanding its market and end-user reach, and bolstering its awareness-raising campaigns.
The money will also be utilized to expand SHOEGR's direct-to-consumer (D2C) presence by improving the online shopping experience on its own website and establishing new retail alliances to expand the market for its goods.
