Otipy parent Crofarm sees 56% revenue growth in FY23; losses cross Rs 100 Cr
In February, as per media reports, the agritech platform said it aimed to achieve Rs 200 crore in ARR for the financial year ending March 2023, marking a 3X growth over the previous year.
Crofarm Agriproducts Pvt Ltd, the parent company of , saw a 56% increase in its revenue from operations to Rs 96.43 crore for the financial year 2022-23 from Rs 61.84 crore in the previous year.
Meanwhile, its losses widened to Rs 100 crore in FY23, up 49% from Rs 67.29 crore in FY22, as per standalone figures in the earning report.
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.
Otipy Founder Varun Khurana said that the company is expecting more than Rs 230-240 crore in revenue in FY24. "We are already at these numbers, the pie will only get bigger from here on," he told YourStory.
The ecommerce platform for fresh Agri-produce saw its employee benefit expenses shoot up by 84% to Rs 41.66 crore in fiscal 2023 from Rs 26.65 crore in the previous year.
The startup's total expenses crossed Rs 204.46 crore in financial year 2023, up 54% from Rs 132.09 crore in FY22. It spent Rs 34.85 crore in marketing expenses in FY23, growing more than 65% from last year.
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.
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.
(The story was updated to reflect consolidated numbers provided by the company and to correct a typo.)
Edited by Suman Singh