Indore-based agritech startup Gramphone has raised around ₹24 crores in an equity funding round from existing investor Info Edge Ventures along with participation from Myntra’s co-founder Raveen Sastry and Asha Impact.
The startup plans to use the freshly raised capital to invest in product and data science to scale operations across multiple locations.
Gramophone has earlier raised ₹7 crores from multiple investors including Info Edge, Flipkart’s CTO Ravi Garikipati, Green Earth’s director Ajith Pai, Flipkart’s former Head of Product Marketing and Senior Director Sanjay Ramkrishnan and Wave Crest Group’s Vice President Nitin Agarwal.
Founded by Nishant Vats Mahatre, Harshit Gupta, Tauseef Ahmad Khan and Ashish Ranjan Singh in 2016, the startup is a one-stop solution for all kinds of agricultural-related inputs that a farmer needs. Farmers can use the platform to buy quality products including seeds, crop protection solutions, nutrition and supplements, and hardware.
The startup also provides a variety of farm management advisory solutions to farmers using image recognition, soil science, and smart cop selection techniques. This enables farmers to access a personalized information-driven cropping system and choose authentic and suitable farm inputs to lower input costs and maximize profits.
Kartik Desai, the executive director, Asha Impact, said, “We were impressed by the Gramophone team’s intuitive understanding of customers needs, and by their ability to build a highly effective and scalable platform.”
Gramophone claims to have served more than 2.5 lakh farmers and helped them reduce costs by 15-20% on average. The company has shown tremendous growth in just a year since it raised its last investment.
Farming is a whopping $400 billion industry in India and the market is big enough for startups to tap into. Most of the agritech sector in India is unorganized and there is a huge opportunity to build a sustainable and scalable business model. Several startups are working in this sector including Intello Labs, DeHaat, etc.