Noida (Uttar Pradesh) [India], January 24 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.
( With inputs from ANI )
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