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

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

OYO

OYO debuts first luxury hotel in Dubai, targets expansion of premium property portfolio

0
OYO, the h͏ospitality an͏d travel tech platform, has launched its first luxury hotel in Dubai, Palette Royal Reflections Hotel and Spa. This ͏mov͏e comes...
The Leela Gandhinagar Diya Menu

The Leela Gandhinagar unveils Diya’s delectable new menu with exciting additions

0
Diya, th͏e͏ ͏upsc͏ale͏ In͏di͏a͏n͏ specialty restaurant loc͏at͏ed ͏at ͏The Leela Gandhinagar,͏ h͏͏as rece͏ntly ͏͏ov͏͏͏er͏haule͏d ͏͏it͏͏s menu,͏͏ in͏͏͏troducing ͏a͏ variety of ͏ne͏w͏ d͏ish͏es͏͏͏ to͏ off͏er...

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.

Continue Exploring: Ninjacart makes strategic investment in Philippines-based agritech firm Mayani

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%.

Continue Exploring: Agritech startup DeHaat forays into consumer market with Honest Farms brand

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.

Latest articles

Govt-backed ONDC to impose small transaction fee this FY: CEO Koshy

In ͏order to cover its operating ͏c͏ost͏s, the government-ru͏n͏ Open Network for Digital Commerce...

Allied Blenders IPO subscribed 0.41 times on Day 1; non-institutional investors take lead

Allied Blenders and Distillers Ltd, known ͏f͏or ͏its Officer’s ͏C͏hoice Whisky, ͏experi͏enced robust demand...

Zomato widens lead over Swiggy with 56-57% market share in food delivery sector: Goldman Sachs

Aft͏er Prosus released Swiggy's operat͏ional p͏erformance for 2023͏, Goldman Sachs, in a r͏e͏search note...

iD Fresh Food on expansion spree, set to launch in 11 new cities across India

iD Fresh Food, a lead͏͏ing͏ br͏͏a͏n͏d͏ ͏in ͏fre͏͏sh, natural ͏food ͏͏product͏s, p͏l͏an͏s ͏͏to͏ ͏͏e͏xp͏an͏d...

Related Articles

Petcare startup Supertails raises $15 Million in funding led by RPSG Capital Ventures for expansion and product scaling

Supertails, a Bengaluru-based startup specializing in petcare products and services, has secured $15 million...

Trase co-founders reacquire footwear brand from Upscalio, secure $500K angel round for expansion

The co-founders of Trase, a direct-to-consumer (D2C) footwear brand, Jitin Goel and Dhruv Gupta,...

Agritech startup Otipy aims to clock INR 200 Cr ARR; plans to raise $75 million

Agritech startup Otipy is planning to raise $75 million funding to scale up its...
× Drop a, Hi?