Info Edge Invests ₹14 crores in Gramophone and ₹6 crores in ShoeKonnect

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The parent firm of Naukri.com and 99acres.com has invested additional funds of ₹20 crores in its existing portfolio companies – Agstack Technologies (Gramophone) and ShoeKonnect. Infor Edge invested ₹14 crores and ₹6 crores in Agstack Technologies and ShoeKonnect respectively.

Indore-based Agstack Technologies operates an online marketplace for farmers called Gramohpne and Agra-based Bizcrum Infotech operates ShoeKonnect, a B2B mobile app for the footwear industry.

Info Edge has acquired 32,330 – 0.01 per cent Compulsorily Convertible Preference Shares in Gramophone having a face value of ₹10 each at a premium of ₹4319.03. Post the deal, Info Edge’s share in the startup would be 37.21 per cent when fully converted and diluted.

It acquired 60,00,000 – 0.01 per cent Compulsorily Convertible Preference Shares of ShoeKonnect having a face value of ₹10 each which takes the aggregate shareholding of the firm in ShoeKonnect to 29.79 per cent when fully converted and diluted.

Gramophone was founded by IIT Kharagpur graduates Ashish Rajan Singh, Harshit Gupta, Nishant Mahatre and Tauseef Khan in 2016. It is a technology-enabled marketplace that enables efficient farm management by providing various information to the farmers. Farmers can also sell agricultural produce on the app.

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ShoeKonnect was founded by Siddharth Vij in 2014. It helps footwear brands, manufacturers, wholesalers and retailers by enabling them to communicate and transact seamlessly. The platform is packed with features like inventory uploading, order placement, order receipt, delivery schedule as well as payment management.

ShoeKonnect had raised ₹3 crores in April 2018 from Info Edge. Gramophone raised ₹7 crores from Info Edge in March 2018. For Info Edge, the deals are a part of its strategic investment plan and will help the company to expand its presence in the above sectors.

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SW Staffhttps://startupwonders.com/guestpost
Startup Wonders provide startup resources, stories and news to help budding entrepreneurs grow and succeed in their business career.

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