Agri fintech startup Unnati to acquire farm input platform Gramophone

Agritech startup Unnati is acquiring Info Edge-backed agritech platform Gramophone in a stock-swap deal.

In a stock exchange filing on Saturday, Info Edge said that its wholly owned subsidiary, Startup Investments (Holding) Ltd (SIHL), will transfer its entire stake in Gramophone to Unnati. In exchange, SIHL will receive a 15.7% equity stake in Unnati on a fully diluted basis.

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Info Edge will also make a primary investment of ₹35 crore in Unnati, which will increase its total shareholding to around 20.5%. This stake will later dilute to 18.48% after new shares are issued to other Gramophone shareholders.

SIHL currently owns a 39.58% stake in Gramophone. This stake will increase to 50.94% on an “as-if converted” basis before the transfer, temporarily making Gramophone a subsidiary of SIHL.

“The increase in stake from 39.58% to 50.94% in Gramophone is on account of the valuation at which the ‘exit event’ is being undertaken by Gramophone,” Info Edge said in the filing.

Founded in 2010, Gramophone runs a digital platform for distributing agricultural inputs and reported a revenue of around ₹67 crore for the financial year ending March 2025.

Founded by former Paytm CFO Amit Sinha, Unnati offers financing and distribution services for farm inputs. For the same period, it reported a revenue of ₹291 crore but posted a loss of ₹18 crore.

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The transaction values Gramophone at about ₹92 crore based on a share price of roughly ₹2703. SIHL will transfer 339305 shares, representing 50.94% of Gramophone on a fully diluted basis, to Unnati. The deal is expected to close within 90 days, subject to standard conditions.

After the transaction and the planned merger of Gramophone into Unnati, Gramophone will no longer be a subsidiary of SIHL. Info Edge’s stake will then become a minority holding in the combined company.

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