Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone

Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone

SUMMARY

Info Edge’s investment in Gramophone, via its subsidiary Startup Investments (Holding) Ltd, would take up the former’s stake in the agritech startup to 39.5%

Gramophone is also looking to raise additional funds, Info Edge said

Founded in 2016, Gramophone sells seeds, fertilisers, nutrients, pesticides, farming equipment, among others, to farmers directly and through small retailers via an omnichannel model

Sanjeev Bikchandani-led internet company Info Edge is further increasing its stake in agritech startup gramophone with an investment of INR 15 Cr (about $1.8 Mn).

In an exchange filing, the company said it would invest in Agstack Technologies Pvt Ltd, the parent of Gramophone, via its wholly-owned subsidiary Startup Investments (Holding) Ltd (SIHL) in two tranches.

While SHIL would disburse INR 7.5 Cr within a month, the remaining amount would be disbursed within 6 months, subject to fulfilment of certain conditions.

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

Info Edge’s stake in Gramophone, held via SHIL, would increase to 39.5% following the investment.

In addition the company, which is an investor in Zomato and PB Fintech, said that Gramophone is looking to raise additional funds. 

Founded in 2016 by Ashish Rajan Singh, Harshit Gupta, Nishant Mahatre, and Tauseef Khan, Gramophone sells seeds, fertilisers, nutrients, pesticides, farming equipment, among others, to farmers directly and through small retailers via an omnichannel model. 

The startup has raised a total funding of about $20.5 Mn till date and counts the likes of Z3 Partners, Asha Impact, and Siana Capital among its investors.

Info Edge said Gramophone’s turnover stood at INR 98.5 Cr in the financial year ended March 31, 2024 (FY24). 

Info Edge has been an early backer of the startup and has been gradually increasing its stake in it. In January last year, Info Edge said it would invest INR 9.3 Cr in Gramophone to increase its stake to 32.89%.

Besides the investment in the agritech startup, Info Edge’s board, during its meeting on Thursday (May 16), also approved divestment of SIHL’s 34.93% holding in B2B catalogue company Wishbook Infoservices.

“The said investment has already been impaired during FY 2019-20. Further, taking into consideration the independent valuation report, the sale value of the investment is determined as about Rs. 14,112.9/-,” the filing said. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone-Inc42 Media
Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone-Inc42 Media
You’re in Good company