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The corporate’s present traders Information Edge, Asha Affect and Higher Capital additionally participated within the funding spherical
The corporate has stated that the brand new funds could be used for buyer acquisition, additionally to additional its efforts in constructing a full-stack platform that may assist maximise the incomes of farmers
Gramophone claims to be constructing an clever farming platform, the place farmers can get entry to all kinds of inputs and implements, similar to seeds, fertilisers, vitamins, pesticides, and different farming gear
Indore-based agritech startup Gramophone has raised INR 25 Cr ($3.Four Mn) in a funding spherical led by Siana Capital, a Bengaluru-headquartered enterprise capital fund.
The corporate’s present traders Information Edge, Asha Affect and Higher Capital additionally participated within the funding spherical. The brand new funds could be used for buyer acquisition, additionally to additional Gramophone’s efforts in constructing a full-stack platform that may assist maximise the incomes of farmers.
Based in 2016 by IIT & IIM Ahmedabad graduates Tauseef Ahmad Khan, Nishant Vats Mahatre, Harshit Gupta and Ashish Rajan Singh, Gramophone claims to be constructing an clever farming platform, the place farmers can get entry to all kinds of inputs and implements, similar to seeds, fertilisers, vitamins, pesticides, and different farming gear.
Moreover, the corporate claims to be serving to farmers with crop advisory, climate data coupled with the perfect merchandise to develop. Gramophone claims that its intervention within the sector has helped its farmer prospects achieve as much as 20% cost-benefit by the corporate’s inputs market, and enhance their yields by 40% by appearing upon Gramophone’s advisory.
“We’ve got seen sturdy farmer adoption with a YOY 15-20% enhance within the pockets share of the purchasers,” stated Tauseef Khan, cofounder and CEO, Gramophone.
“We’ll present a holistic answer for maximising farmers’ incomes by enhancing experience round agronomic Intelligence for enter enterprise and constructing capabilities to offer market linkages and entry to credit score to the farmers,” he added.
Gramophone claims to have positively impacted the lives of 5,50,000 farmers, serving to them enhance their earnings by adopting improved farming practices.
“We’re excited to double down on our funding in Gramophone and pleased with the crew’s skill to ship 100%+ development this yr, supporting smallholding farmers by a tricky Kharif cycle amid the nationwide lockdown as a result of Covid-19 pandemic,” stated Aditi Gupta, principal for investments from Asha Affect.
Earlier than the latest funding spherical, Gramophone had raised $4.5 Mn in three funding rounds from 10 traders. Its final funding spherical was a Collection A funding spherical final yr, the place it raised $3.5 Mn. The spherical was led by Indian publicly listed on-line classifieds firm Information Edge.
Current months have seen a number of Indian agritech startups of their early or development phases increase funding. Earlier this month, Noida-based agritech startup Arya raised $21 Mn in its Collection B funding spherical led by fintech-focussed enterprise capital agency Quona Capital.
Arya supplies post-harvest providers throughout the agricultural worth chain, together with warehousing, warehouse receipt financing, rural storage discovery, collateral administration and market linkages. In October, Pune-based BharatAgri and Gurugram-based Origo additionally raised funding.
Based on information in an Inc42 Plus playbook titled, Farming 3.0: India’s Mission Agritech, from 2014 until the primary half of 2020, Indian agritech startups have raised $467 Mn in funding. Additional, there are estimated to be greater than 1,000 agritech startups in India and the addressable market potential is value $24.1 Bn. Nonetheless, agritech startups’ penetration within the nation’s total agritech sector is simply 1% as of as we speak.
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