Gramophone aims to clock Rs 1,000-crore GMV in FY23 to expand its offline retail network
- ByStartupStory | July 5, 2022
In order to reach a total gross merchandise value (GMV) of Rs 1,000 crore in FY23, agritech startup Gramophone plans to raise $35–50 million in funding, a senior executive official revealed. The company, backed by Info Edge NSE 1.24 percent, will utilise the money to add 10,000 new locations to its offline retail network.
“At the moment, our business is expanding 100% month over month. By the end of FY23, we should surpass $1 billion in GMV, said Tauseef Khan, cofounder and CEO of Gramophone. “Over the next three to six months, we plan to raise about $35 to $50 million.”
The business, which was founded in 2016 by Khan, Nishant Vats Mahatre, and Harshit Gupta, provides farmers with one-stop shopping. The startup secured $10 million in October of last year from investors led by Z3 Partners, with help from current investors and family offices.
Madhya Pradesh, Chhattisgarh, Rajasthan, Uttar Pradesh, and Maharashtra are among the states where the agritech startup operates storefronts. While some of them are directly owned and run by Gramophone, the remainder are in joint ventures with other agri-retailers. In the fiscal year that concluded on March 31, 2021, it more than doubled its income, from Rs 19 crore to Rs 48 crore.
“To enter the next orbit of growth, we used an omnichannel strategy. Our retailer app, GramKonnect, serves as the internet touchpoint for Gramophone, while our partner stores serve as the offline touchpoints, according to Khan.
Without having to deal with various sellers, GramKonnect enables agri-input dealers to buy seeds, fertilisers, pesticides, insecticides, herbicides, and agricultural hardware tools and equipment. Agri-input shops get access to the input materials from numerous well-known brands through GramKonnect
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