<ul><li>Delhi NCR-based Otipy, backed by WestBridge Capital, shut down its operations due to a cash crunch, leaving around 300 employees without jobs.</li><li>The startup informed employees in a townhall meeting, where cofounder Varun Khurana mentioned inability to continue the business and unpaid salaries, promising to clear dues by liquidating assets.</li><li>Otipy had also not cleared vendor payments, leading to financial strain. The sudden closure came after the startup failed to raise expected funding despite previous investments.</li><li>Previously targeting innovative solutions like piloting electric carts for offline sales and quick commerce model, Otipy reported a sales of INR 160 Cr in FY24 but faced increasing losses, resulting in the shut down.</li></ul>

Exclusive: WestBridge-Backed Otipy Shuts Operations Amid Cash Crunch

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