InfoEdge to invest Rs 9.31 Cr in Gramophone through subsidiary
InfoEdge would own about 32.89% of fully converted and diluted stake in Gramophone through SIHL, post the investment.
Startup Investments (Holding) (SIHL), a wholly-owned subsidiary of , will invest about Rs 9.31 crore in Agstack Technologies, also known as .
"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," said InfoEdge in an exchange filing.
Noida-based InfoEdge would own about 32.89% of fully converted and diluted stake in Gramophone through SIHL, after the investment.
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 advisory to farmers with respect to cropping and farming practices and helps them sell their output to buyers.
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.
Edited by Swetha Kannan