HomeNewsInfo Edge to invest additional INR 15 Cr in agritech startup Gramophone

Info Edge to invest additional INR 15 Cr in agritech startup Gramophone


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Sanjeev Bikchandani-led internet company Info Edge is further expanding its stake in the agritech startup Gramophone by investing an additional INR 15 crore (approximately $1.8 million).

The company disclosed in a filing that it plans to invest in Agstack Technologies Pvt Ltd, the parent company of Gramophone, through its wholly-owned subsidiary Startup Investments (Holding) Ltd (SIHL) in two separate transactions.

SIHL is set to release INR 7.5 crore within a month, with the remainder to be disbursed over the next six months, contingent upon meeting specific conditions.

“As part of a larger round, SIHL has agreed to purchase 69,790 compulsorily convertible cumulative preference shares, each with a face value of INR 10/-, in two tranches,” stated the filing.

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Following the investment, Info Edge’s ownership in Gramophone through SHIL would rise to 39.5%.

Additionally, the company, known for its investments in Zomato and PB Fintech, mentioned that Gramophone is seeking to secure further funding.

Established in 2016 by Ashish Rajan Singh, Harshit Gupta, Nishant Mahatre, and Tauseef Khan, Gramophone operates on an omnichannel model, distributing seeds, fertilizers, nutrients, pesticides, farming equipment, and more directly to farmers and through small retailers.

To date, the startup has accumulated approximately $20.5 million in funding and boasts investors such as Z3 Partners, Asha Impact, and Siana Capital.

According to Info Edge, Gramophone reported a turnover of INR 98.5 crore for the fiscal year ended on March 31, 2024 (FY24).

Info Edge has been an early supporter of the startup, steadily increasing its stake over time. In January last year, Info Edge announced a INR 9.3 crore investment in Gramophone, elevating its ownership to 32.89%.

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In addition to investing in the agritech startup, Info Edge’s board, in its meeting on Thursday (May 16), also sanctioned the divestment of SIHL’s 34.93% stake in the B2B catalogue company Wishbook Infoservices.

“During FY 2019–20, the aforementioned investment has already experienced impairment. Furthermore, the selling value of the investment is assessed to be around INR 14,112.9 based on an independent valuation analysis,” stated the filing.

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