Gramophone is a well-known name as a startup in the agritech segment. Its platform is equipped with innovation to help farmers with agricultural inputs like advice on crop management and assistance in selling the produce. Investor Info Edge sees potential in it and has committed a funding of Rs 15 crore in two parts over the period of next six months.
Being a major player in India’s internet services industry, Info Edge believes Gramophone’s operations can be stabilized and efforts can reach a breakeven point with its financial support.
Info Edge founder Sanjeev Bikhchandani expressed his optimism about the future of innovative agritech platform of Gramophone. He said that the outcome of the startup remains uncertain will it focus on achieving financial stability. Hence, they can decided to make the payment of first installment of Rs 7.5 crore will within the next 30 days and the second part will be delivered in six months with respect to certain conditions being met.
Gramophone integrates various parts of the agricultural supply chain in its platform to it easier for farmers to access the resources and support required. The model is promising and the fresh investment from Info Edge is believed to be a great help in regaining its foot as well as work towards financial stability. Earlier it faced financial difficulties and witnessed a drop in annual turnover from Rs 316 crore in FY23 to Rs 99 crore in FY24.
The latest funding round was led by Info Edge. The other investors which emerged with supports included existing investors. It reveals a belief in the potential of the startup to make a meaningful impact in the agricultural sector with the use of technology.
