InfoEdge to invest Rs 9.31 Cr in Gramophone through subsidiary

• ByStartup Story Team     |    January 24, 2023

Startup Investments (Holding) (SIHL), a wholly-owned subsidiary of InfoEdge , will invest about Rs 9.31 crore in Agstack Technologies, also known as Gramophone.

InfoEdge in an exchange filing states “”Investment by the company through SIHL is in furtherance of the company’s investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term,”

After the investment, Noida-based InfoEdge would own about 32.89% of fully converted and diluted stake in Gramophone through SIHL.

For the 2021-22 financial year, the startup registered a turnover of Rs 181.1 crore. In 2018, Gramophone had raised a pre-Series A funding of $1 million from InfoEdge. In 2019, InfoEdge invested Rs 14 crore in the startup via compulsorily convertible preference shares. In 2021, the startup raised $10 million in a funding round led by Z3Partners, an early growth investor.

About InfoEdge:

Founded in 2016, Gurugram-based Gramophone offers a full stack agritech platform for farmers. The company sells agricultural inputs to farmers directly and via small retailers through an omnichannel model. It also provides advice to farmers with respect to cropping and farming practices and helps them sell their output to buyers.

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