Gramophone, an Indore-based Agritech startup, has raised INR 75 Cr (about $10 Mn) in its Series B funding round. The round was led by Z3 Partners, with existing investors Infoedge, Asha Impact, and Siana Capital also participating. Amit Sharma of Sunrise Group, Sumeet Kanwar of Verity, and Chona Family Office are among the new investors in the round (Havmor Group).
The funding will be used to expand the startup’s technology platform. It intends to grow geographically while also exploring inorganic growth possibilities like mergers and acquisitions.
“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,” cofounder Tauseef Khan said in a statement.
Gramophone was founded in 2016 by Khan, Nishant Vats, and Harshit Gupta, aims to be a one-stop store for all types of agricultural supplies. Seeds, fertilizers, nutrients, insecticides, and other farming equipment are examples of inputs. It also offers stand-alone services including warehousing, inventory management, and call centres.
The startup presently claims to serve 1 million or more farmers in Madhya Pradesh, Chhattisgarh, Maharashtra, and Rajasthan. It has also witnessed a fourfold increase in revenue over the last year and has developed an output marketplace called Gram Vyapaar.