Wednesday, June 19, 2024

Otipy reports 50% GMV growth in FY24

Must Read

Otipy, India’s rapidly expanding grocery delivery platform, has reported a 50% growth in its Gross Merchandise Value (GMV) for the fiscal year ending March 2024.

In FY23, Otipy boasted a gross revenue of Rs 115 crore, comprising Rs 96 crore from operating revenue, Rs 11 crore from discounts offered, and additional income of Rs 8 crore. Notably, fruits and vegetables accounted for 70% of the firm’s total collection, while groceries and dairy products contributed 20% and 10%, respectively.

Procurement costs constituted 70% of the company’s total expenditure. Varun Khurana, Founder and CEO of Otipy, emphasized the significant achievement of reducing supply chain costs, which has been instrumental in driving the company’s growth.

Varun KhuranaCEO and Founder, Otipy shared on the company’s LinkedIn handle, “Our journey this year has been incredibly rewarding, and our commitment to delivering premium, fresh produce coupled with unparalleled customer service has been pivotal in propelling our growth. We are now profitable at an order level. We have built a supply chain that operates at just Rs 40 in supply chain costs, allowing us to profitably deliver orders of value as low as Rs 270.”

Otipy has achieved an impressive average monthly revenue run rate (ARR) of Rs 20 crore and sets its sights on reaching the Rs 500 crore mark in gross revenue for FY25.

Currently operational in Delhi (NCR) and Mumbai, Otipy offers a diverse range of products delivered to customers’ doorsteps, including fruits, vegetables, dairy, and bakery items. The brand plans to expand its services to Bengaluru and Hyderabad by the end of 2024.

Latest News

Wahter Raised ₹5 Crores in Pre-Seed Funding at ₹52 Crore Valuation

Wahter, India's packaged drinking water brand has successfully raised ₹5 crores in pre-seed funding at a valuation of ₹52 Crores. This funding...