Info Edge completes acquisition of Gramophone for Rs 9.31 crore
First Published: 24th January, 2023 13:15 IST
Info Edge has said its wholly-owned subsidiary, Startup Investments (Holding) (SIHL), acquired an agritech firm Agstack Technologies (Gramophone) for a cash consideration of Rs 9.31 crore.According to a statement shared on Monday with exchanges, Gramophone is
Info Edge has said its wholly-owned subsidiary, Startup Investments (Holding) (SIHL), acquired an agritech firm Agstack Technologies (Gramophone) for a cash consideration of Rs 9.31 crore.
According to a statement shared on Monday with exchanges, Gramophone is a full-stack agritech platform for farmers. The company sells agri-inputs to farmers directly and via small retailers in an omnichannel model. It also provides advisory to farmers with respect to cropping or farming practices and helps them in selling their output to buyers.
According to Info Edge statement, this follow-on investment by the company through SIHL is in furtherance of company’s investment strategy, which includes making external financial investments that are focused on value creation in the medium- to long-term.
Gramophone was incorporated on May 23, 2016, and is engaged in the business of retail of agricultural input, procurement of agricultural output and creation and maintenance of an advisory platform for farmers, the company statement showed.
The agriech is a full-stack intelligent farming platform that guides farmers throughout the crop cycle – offering crop input, intelligent selection, access to scientific agronomy advice, including cropping practices, and output market linkages. It has partnered with firms like Coromandel, Bayer, Dhanuka, PI Industries, and Tata Rallis to provide quality seeds and agrochemicals to maximise crop yield.
The agritech startup currently operates in five states — Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Rajasthan and Maharashtra. (ANI)
Also Read : Watch: SpiceJet Passenger Deboarded After Misbehaving With Crew
COMMENTS
TOPMOST STORY NOW
Live Amid Manipur Crisis, Assam Rifles Reiterates it’s Commitment to Righteousness
24th November 2024
Live Who is Itisha from Assam whom PM Modi Lauded in Mann Ki Baat?
24th November 2024
Live Over 33,712 Myanmarese Take Refuge in Mizoram, Many Face the Dilemma of Returning Home
24th November 2024
Live Sikkim’s Shanti Rai Honored with IMF Gold Medal for Mountaineering Excellence
24th November 2024
WE RECOMMEND
Asom Gana Parishad lauds PM Modi’s leadership as BJP-led Mahayuti sweeps Maha polls
The BJP saw a fabulous strike rate with the party winning 133 of the 148 seats it contested in Maharashtra.
24th November 2024
Wayanad bypolls: Priyanka Gandhi Vadra leads with 5,672 votes; CPI, BJP candidates trail in 2nd, 3rd spots
If Priyanka Gandhi wins from Wayanad, she will be the third person from the Gandhi family to enter Parliament.
23rd November 2024
Counting begins for Jharkhand, Maharashtra elections, along with bypolls across 15 states
Efforts were made to ease voting, especially in places like Mumbai, where there were challenges during the Parliament elections.
23rd November 2024
Indian national indicted for illegal export of US aviation components to Russia
Exporting such components to restricted countries, including Russia, requires a licence from the US Department of Commerce.
23rd November 2024
India has stayed away from ideas of expansionism, resource-capturing: PM tells Guyana Parliament
PM Modi said the relations betwen India and Guyana are very deep and it is a relation of soil, sweat, diligence.
22nd November 2024