Info Edge to Invest Rs 15 Crore in Agritech Startup Gramophone
- ByStartupStory | May 17, 2024
Info Edge, the internet services conglomerate known for its significant presence in India’s startup ecosystem, has announced its plans to invest Rs 15 crore in the agritech startup Gramophone. The investment will be made in two tranches over the next six months, as per the company’s exchange filing.
Sanjeev Bikhchandani, the founder of Info Edge, shared insights during a call with analysts, highlighting that the company is leading this funding round, which will also see participation from other existing investors. “They will focus on break even. Let’s see how it goes,” remarked Bikhchandani, reflecting cautious optimism about the startup’s future prospects.
The first tranche of Rs 7.5 crore is set to be disbursed within the next 30 days, while the remaining Rs 7.5 crore will be released in six months, contingent on the fulfillment of certain conditions specified in the exchange filings.
Gramophone, a full-stack agritech platform, has built an omnichannel model to support farmers. The startup provides agricultural inputs directly to farmers and through local merchants, alongside offering crucial advice on crop management and farming techniques. Additionally, Gramophone aids farmers in selling their produce, thereby integrating various facets of the agricultural supply chain.
Despite its innovative approach, Gramophone has faced financial challenges. The startup reported a significant decline in annual turnover, dropping 69 percent from Rs 316 crore in FY23 to Rs 99 crore in FY24. This investment by Info Edge is seen as a strategic move to stabilize the company and help it achieve breakeven.
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