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Agritech startup Gramophone raises Rs 25 cr from investors for growth

Agritech startup Gramophone raises Rs 25 cr from investors for growth
outlookindia.com
1970-01-01T05:30:00+0530
New Delhi, Dec 29 (PTI) Agri-tech startup Gramophone on Tuesday said it has raised Rs 25 crore from investors, including Siana Capital, and will use the funds for customer acquisition and strengthen its platform.

The Indore-based firm in a statement said that it has "raised Rs 25 crore (USD 3.4 million) funding round led by Siana Capital.

Info Edge, Asha Impact and Better Capital, all existing investors, have also participated in this round.

With this funding, Gramophone has raised Rs 55 crore so far.

Founded in 2016 by IIT & IIM Ahmedabad graduates Tauseef Ahmad Khan, Nishant Vats Mahatre, Harshit Gupta and Ashish Rajan Singh, Gramophone said it has helped more than 550,000 farmers increase their income based on improved farming practices.

The platform acts as a doctor and a pharmacy to farmers, who get access to a wide range of inputs and implements, including seeds, fertilisers, nutrients, pesticides, and farming equipment.

Farmers gain up to 20 per cent cost benefit on Gramophone''s inputs marketplace and improve yields up to 40 per cent through their advisory, the company claimed.

Tauseef Khan, Co-Founder & CEO, Gramophone said: "We have seen strong farmer adoption with a YOY 15-20 per cent 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 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," he said. PTI MJH MR


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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