Agritech Startup Gramophone has raised $10 million as part of its Series-B funding round from investors led by Z3 Partners.
The investment round also saw the participation of existing investors InfoEdge, Asha Impact and Siana Capital and also new investors such as Amit Sharma, Sumeet Kanwar from Verity, and Chona Family Office (Havmor Group).
With this investment round, the start-up looks forward to geographic expansion, marketing, technology development and M&A.
Launched by IIT and IIM alumnus Tauseef Khan, Nishant Vats Mahatre and Harshit Gupta, the company provides an agronomy-advisory based electronic marketplace that allows farmers to buy the essentials for their farms and sell their produce. So far, It has raised funds tuned to INR 130 crore.
Currently, more than a million farmers are benefiting from Gramophone products and services due to which the firm has seen a four times increase in revenue than last year and expects significant growth.
Tauseef Khan, Co-founder and CEO, Gramophone said, “Our mission is to improve the profitability of the 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, improve transparency and empower the local community of Agri entrepreneurs with more earning opportunities in rural areas. We are excited to welcome Z3Partners and other new investors in this journey and deepen our partnership with Info Edge, Asha Impact and Siana Capital,”
Gautam Patel, Managing Partner at Z3Partners said, “We at Z3PARTNERS are very excited to partner with Gramophone on this journey of bringing e-commerce to Rural India. Tauseef, Nishant, and Harshit’s understanding of Agri-Sciences and eCommerce and their relationships with Farmers as their end customers has been instrumental in their growth and success so far.”.
Kitty Agarwal, Partner at Info Edge Ventures, said, “We have now been partners with the Gramophone team for nearly four years and have seen tremendous growth in their evolution from being an advisory led input commerce company to a full-stack Intelligent Farming platform that does end-to-end input to output linkage for farmers and retailers.”