Gramophone, an Indore-based agriculture technology firm has secured Rs 25 crores ($3.4 million) in fresh financing round led by deep tech investor, Siana Capital.
The latest round also saw participation from existing investors – Info Edge, Better Capital and Asha Impact. With this investment, the total funds raised by the startup stands at Rs 55 crores.
Gramophone claims to be one stop solution for all kinds of inputs for the farmers where farmers can buy crop protection, crop nutrition, seeds, implements and agri hardware at their doorstep.
Tauseef Khan, co-founder and CEO of Gramophone commented, “We have seen strong farmer adoption with a Y-o-Y 15-20 percent increase in the wallet share of the customers. We will invest in customer acquisition and building the full-stack platform for the farmers to provide a holistic solution for ‘maximising farmer’s income’ by enhancing expertise around Agronomic Intelligence for Input business and building capabilities to provide market linkages and access to credit to the farmers.”
Speaking on the latest financing round, Kitty Agarwal, partner at Info Edge Ventures, said – “Gramophone team has a deep understanding of the agricultural supply chain. They have emerged as the leading agri-tech player that caters to a farmer’s end-to-end needs by providing the right agronomic intelligence, quality inputs and transparent market linkages.”
“We’re excited to double down on our investment in Gramophone, and proud of the team’s ability to deliver 100%+ growth this year, supporting smallholding farmers through a tough Kharif cycle amidst the nationwide lockdown. The team has a product-led approach to delivering a full-stack commerce plus business intelligence solution for the Indian farmer, and the new capital raise puts Gramophone in a leading position to build a large, highly engaged customer base within India’s fast-growing digital agri value chains,” said Aditi Gupta, Principal, investments from Asha Impact.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.