Gramophone raises $10 million in its Series-B funding round
- ByStartupStory | October 26, 2021
Gramophone, an Agritech platform, announced on Monday that it had raised $ 10 million (around Rs 75 billion) from various investors, including Z3Partners. Existing investors Info Edge, Asha Impact, Siana Capital and new investors Amit Sharma from the former Sunrise Group, Sumeet Kanwar from Verity and Chona Family Office from the Havmor Group participated in the round.
The startup raised $ 3.4 million in December 2020 under the direction of Siana Capital.
According to the Indore-based startup, the funds will be used for geographic expansion, marketing, technology development, and mergers and acquisitions.
Gramophone said it is working in partnerships with financial institutions to bring microinsurance and credit products to the agricultural ecosystem, which includes farmers, input retailers and product traders.
Tauseef Khan, Co-Founder and CEO of Gramophone, said: “Our mission is to improve the profitability of the agricultural ecosystem across India. We are building a new era of agricultural society that keeps farmers centre stage. We have seen a tremendous change in the way Newage farmers embrace technology solutions. “
” With this investment, we will double our investment in technology, reduce costs, improve transparency, and provide more income to the local agribusiness community in rural areas. We are excited to welcome Z3Partners and other new investors on this journey and to deepen our partnership with Info Edge, Asha Impact and Siana Capital, ”he added.
Z3Partners has supported other startups like DealShare, Cyfirma and has made investments from previous funds like Ofbusiness, BigBasket, Pepperfry and MedGenome, etc. Founded in 2016 by Nishant Mahatre and Tauseef Khan,
Gramophone acts as an e-commerce marketplace for farmers, providing input and output agricultural services and products in states such as Madhya Pradesh, Chattisgarh, Maharashtra and Rajasthan. In the past two years, it has grown into a full-stack technology platform by adding premium farm management solutions and Gram Vyapaar, a production market.
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