Total amount raised
$22.3 Millions
Latest funding date
05/01/2024
Location
Gramophone has successfully raised funding from 17 investors, including Asha Impact, Z3Partners, and Info Edge, to support its mission of empowering farmers through technology. The company offers a comprehensive platform that provides agronomy intelligence, doorstep delivery of agri-input products, personalized farm management, and a digital marketplace for buying and selling crops.
Keep reading to explore the intricacies of Gramophone's fundraising journey and the investors backing this innovative platform.
What Is Gramophone?
Founded in May 2016, Gramophone is an AgTech company headquartered in Indore, Madhya Pradesh, India. The company was established by Ashish Rajan Singh, Harshit Gupta, Nishant Mahatre, and Tauseef Khan.
Operating with a team of 501-1000 employees, Gramophone aims to empower farmers by providing full-stack tech solutions that cover the entire farming cycle, from sowing to selling. The company offers agronomy intelligence, home delivery of agri-input products, personalized farm management, and a digital marketplace for buying and selling crops.
How Much Funding Has Gramophone Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Establish the business and develop the initial product and market presence.
- Angel Round
- Amount Raised: $1.5M
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Establish the business and develop the initial product and market presence.
- Seed Round
- Amount Raised: $1M
- Date: March 2018
- Lead Investors: Info Edge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Scale the business, develop the product further, and expand market reach.
- Series A
- Amount Raised: $3.5M
- Date: August 2019
- Lead Investors: Info Edge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Scale the business, develop the product further, and expand market reach.
- Series B
- Amount Raised: $3.4M
- Date: December 2020
- Lead Investors: Siana Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Further develop the business, focusing on scaling operations and enhancing technology.
- Series B
- Amount Raised: $10M
- Date: October 2021
- Lead Investors: Z3Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Geographic expansion, marketing, technology development, and mergers and acquisitions.
- Corporate Round
- Amount Raised: ₹93.1M
- Date: January 2023
- Lead Investors: Info Edge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Enhance the technology platform and expand geographically.
- Venture Round
- Amount Raised: ₹150M
- Date: May 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Further expand the business and enhance technological capabilities.
Total Amount Raised: $19.4M + ₹243.1M
Current Valuation: Not publicly disclosed
Key Investors
- Z3Partners
- Details: Z3Partners is a venture capital firm that focuses on early growth investments. They led the $10 million Series B funding round for Gramophone.
- Investment Focus Areas: Technology, digital businesses, eCommerce.
- Notable Investments: DealShare, Cyfirma, Ofbusiness.
- Info Edge
- Details: Info Edge is a prominent investor in the Indian startup ecosystem, known for its investments in technology and internet-based companies. They have been a long-term partner with Gramophone.
- Investment Focus Areas: Technology, internet-based services, startups.
- Notable Investments: Zomato, PolicyBazaar, Naukri.com.
- Asha Impact
- Details: Asha Impact is an impact investment platform that focuses on social enterprises in India. They participated in the funding round on May 16, 2024.
- Investment Focus Areas: Social enterprises, agriculture, healthcare, education.
- Notable Investments: Not specified.
- Siana Capital
- Details: Siana Capital is a venture capital firm that invests in technology-driven companies. They led the $3.4 million funding round in December 2020.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: Not specified.
- Chona Family Office (Havmor Group)
- Details: The Chona Family Office is associated with the Havmor Group, known for its ice cream and food products. They are new investors in Gramophone.
- Investment Focus Areas: Agri and food businesses, diverse investments.
- Notable Investments: Not specified.
What's Next for Gramophone?
Gramophone is poised for significant growth, driven by opportunities in technological development, geographic expansion, and mergers and acquisitions. With the Indian agritech market expected to reach $24.1 billion by 2025, the company is well-positioned to tap into this potential. The recent $10 million funding round will enable Gramophone to enhance its technology, lower costs, and improve transparency, benefiting over one million farmers.
Future fundraising opportunities are likely as Gramophone continues to scale its operations and explore new markets. The company's focus on partnerships with financial institutions for micro-insurance and lending products further strengthens its growth prospects. However, challenges such as competition from other agritech startups and the complexities of scaling operations across diverse regions remain. Despite these hurdles, Gramophone's strategic approach and robust investor backing suggest a promising future.
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