VC Fund Investments
Info Edge to invest Rs.15-Cr more in agri-tech startup Gramophone
Publicly listed Info Edge is further increasing its stake in Indore-headquartered agri-tech startup Gramophone with an investment of INR 15 crore (about USD 1.8 million). Info Edge would invest in Agstack Technologies Pvt Ltd, the parent of Gramophone. Info Edge’s stake in Gramophone would increase to 39.5% following the investment.Info Edge will 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. Info Edge will disburse INR 7.5 crore within a month, the rest would be disbursed within 6 months.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 USD 20.5 million till date and counts Z3 Partners, Asha Impact, and Siana Capital among its investors. Gramophone’s turnover stood at INR 98.5 crore in FY24. It is looking to raise additional funds.
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