Indore based agriculture technology platform Gramophone recently has raised INR 25 crore (US$3.4 million) funding round led by Siana Capital, a Deep Tech investor. Info Edge, Asha Impact and Better Capital, all existing investors, have also participated in this round. This brings the total capital raised by Gramophone till date to INR 55 crore.
Founded in 2016 by IIT and IIM Ahmedabad graduates Tauseef Ahmad Khan, Nishant Vats Mahatre, Harshit Gupta and Ashish Rajan Singh, Gramophone is an Indore-based agritech start-up building an Intelligent Farming Platform, which has enabled more than 550,000 Indian farmers to increase their income based on improved farming practices. The platform acts as a doctor and a pharmacy to the farmers. According to Gramophone, the farmers get access to a wide range of inputs and implements, including seeds, fertilisers, nutrients, pesticides, and farming equipment. Farmers gain upto 20 percent cost benefit on Gramophone’s inputs marketplace and improve yields upto 40 percent through their advisory.
Highlighting about the investment, Tauseef Khan, Co-Founder & CEO, Gramophone said, “We have seen strong farmer adoption with a YOY 15-20 percent increase in the wallet share of the customers. We will invest on customer acquisition and building the full-stack platform for the farmers to provide holistic solution for ‘Maximising Farmers’ Income’ by enhancing expertise around Agronomic Intelligence for Input business and building capabilities to provide market linkages and access to credit to the farmers.”
Commenting on the funding, Kitty Agarwal, Partner, Info Edge Ventures, said, “Gramophone team has deep understanding of the agricultural supply chain. They have emerged as the leading agritech player that caters to a farmers’ end-to-end needs by providing the right agronomic intelligence, quality inputs and transparent market linkages. At Info Edge, we are proud to have partnered with them since 2018 and excited about the massive technological transformation happening in Indian agriculture.
Commenting on the investment, Aditi Gupta, Principal- Investments, Asha Impact said, ” We’re excited to double down on our investment in Gramophone, and proud of the team’s ability to deliver over 100 percent growth this year, supporting smallholding farmers through a tough Kharif cycle amidst the nationwide lockdown. The team has a product led approach to deliver a full-stack commerce plus business intelligence solution for the Indian farmers, 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.
Agriculture is a complex problem to solve and the platform approach gives an opportunity to agtech companies to build relationships with farmers throughout the crop cycle. Gramophone’s model builds a continuous engagement with farmers leading to better servicing farmer needs and adding multiple revenue streams for the business, which maximises the life time value of a customer.