Agritech platform Gramophone on Monday said it has raised USD 10 million (around Rs 75 crore) from a clutch of investors, including Z3Partners, for technology development and expansion.
Gramophone will use the proceeds towards geographic expansion, marketing, technology development and M&A, it said in a statement.
Existing investor, Info Edge, has doubled down in this round along with participation from other existing investors Asha Impact, and Siana Capital.
Other new investors in the round include Amit Sharma from erstwhile Sunrise Group, Sumeet Kanwar from Verity, and Chona Family Office (Havmor Group).
Gramophone is a market leading agri-tech company that provides agronomy services, input and output products in Madhya Pradesh, Chhattisgarh, Maharashtra, and Rajasthan by way of an eCommerce marketplace.
Tauseef Khan, Co-founder & CEO, Gramophone said, “Our mission is to improve the profitability of farming ecosystem across India. We are building a new age agriculture company keeping farmers at the centre.”
“We have seen a huge shift in adoption of technology solutions by the new age farmers. With this investment we will double down on investing in technologies that lower costs, improves transparency and empowers the local community of agri entrepreneurs with more earning opportunities in rural areas,” Khan said.
With a strong distribution and access to farm level data, the company is working on partnerships with financial institutions to launch micro insurance and lending products for the farming ecosystem which includes the farmers, input retailers and the output traders as well.
Gramophone started as agronomy led, agri-input commerce company from Madhya Pradesh, founded by IIT & IIM alumnus Tauseef Khan, Nishant Vats Mahatre & Harshit Gupta.
In the last two years, it has become a full-stack technology platform by adding premium farm management solutions, and Gram Vyapaar – an output marketplace.