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Agri-tech startup Gramophone announces ESOP buyback worth $2-M

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Indore-based agritech startup Gramophone has announced its Employee Stock Ownership Plan (ESOP) buyback worth USD 2 million. With this, Gramaphone has provided liquidity to key team members and angel investors. Founded in 2016 by Nishant Mahatre and Tauseef Khan, Gramophone acts as an e-commerce marketplace for farmers and provides agronomy services and input and output products in Madhya Pradesh, Chhattisgarh, Maharashtra, and Rajasthan. The startup claims to serve over 1.2 million farmers by providing 10 million plus agronomy advisories over its app across Hindi & Marathi speaking belts. Gramophone has so far raised $20 million from Info Edge, Asha Impact, Siana Capital, Z3 Partners, along with new investors Amit Sharma from erstwhile Sunrise Group, Sumeet Kanwar from Verity, and Chona Family Office of Havmor Group.