Agritech Start-up Gramophone Secures INR 75 Crore; Projects Expansion through M&A
Gramophone, an Indore-based agritech incubator, has secured INR 75 crore (about $10 million) in its Series B fundraising round. Existing investors Asha Impact, Siana Capital and Infoedge joined the round, which was organized by Z3 Partners.
Sumeet Kanwar of Verity, Chona Family Office (Havmor Group) and Amit Sharma of Sunrise Group are among the other new investors in the round.
The funding will be used to expand the start-up's technology platform. The start-up wants to expand regionally while also seeking inorganic development options like mergers and acquisitions.
Tauseef Khan, cofounder said, “With this investment, we will double down on investing in technologies that lower costs, improve transparency and empower the local community of agri-entrepreneurs with more earning opportunities in rural areas”.
Gramophone, founded by Khan, Nishant Vats, and Harshit Gupta in 2016, aims to be a one-stop shop for all types of agricultural supplies. Seeds, fertilisers, nutrients, insecticides, and other farming equipment are examples of inputs. In addition, it offers stand-alone services including inventory management, warehousing and customer care services.
The company claims to serve over one million farmers in Madhya Pradesh, Chattisgarh, Maharashtra, and Rajasthan. It also had a 4x revenue increase in the previous year and established Gram Vyapaar, an output marketplace.
Gramophone, in addition to being an m-commerce site, also provides crop advise and weather information to farmers. It uses image identification, soil science, smart crop selection, and customised information guided cropping systems to provide farmers with agronomic insight and solutions. This also allows farmers to select genuine and appropriate agriculture inputs.
Gramophone had previously raised $10 million from ten investors throughout the course of four investment rounds. Gramophone's most recent investment round, a bridge round in 2020, raised INR 25 crore (about $3.5 million). It has previously raised $3.5 million in a Series A round and a few smaller rounds.
Gramophone competes with companies such as SourceTrace, Cropin, FarmLogs, Krishify, Nofence and others, in the market. BharatAgri, a competitor of Gramophone, raised $6.5 million in a Series A investment headed by Omnivore in September. FarMart, a B2B agritech firm, recently raised $10 million from Matrix Partners India in a Series A fundraising round.
Sumeet Kanwar of Verity, Chona Family Office (Havmor Group) and Amit Sharma of Sunrise Group are among the other new investors in the round.
The funding will be used to expand the start-up's technology platform. The start-up wants to expand regionally while also seeking inorganic development options like mergers and acquisitions.
Tauseef Khan, cofounder said, “With this investment, we will double down on investing in technologies that lower costs, improve transparency and empower the local community of agri-entrepreneurs with more earning opportunities in rural areas”.
Gramophone, founded by Khan, Nishant Vats, and Harshit Gupta in 2016, aims to be a one-stop shop for all types of agricultural supplies. Seeds, fertilisers, nutrients, insecticides, and other farming equipment are examples of inputs. In addition, it offers stand-alone services including inventory management, warehousing and customer care services.
The company claims to serve over one million farmers in Madhya Pradesh, Chattisgarh, Maharashtra, and Rajasthan. It also had a 4x revenue increase in the previous year and established Gram Vyapaar, an output marketplace.
Gramophone, in addition to being an m-commerce site, also provides crop advise and weather information to farmers. It uses image identification, soil science, smart crop selection, and customised information guided cropping systems to provide farmers with agronomic insight and solutions. This also allows farmers to select genuine and appropriate agriculture inputs.
Gramophone had previously raised $10 million from ten investors throughout the course of four investment rounds. Gramophone's most recent investment round, a bridge round in 2020, raised INR 25 crore (about $3.5 million). It has previously raised $3.5 million in a Series A round and a few smaller rounds.
Gramophone competes with companies such as SourceTrace, Cropin, FarmLogs, Krishify, Nofence and others, in the market. BharatAgri, a competitor of Gramophone, raised $6.5 million in a Series A investment headed by Omnivore in September. FarMart, a B2B agritech firm, recently raised $10 million from Matrix Partners India in a Series A fundraising round.
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