Gramophone, an AgTech platform that helps farmers achieve better yields by providing information and input planning, has raised US$3.4 million (INR 25 crore) in a funding round led by Siana Capital. Company’s existing investors Info Edge, Asha Impact and Better Capital also participated in this round.
Founded in 2016 by IIT and IIM Ahmedabad graduates Tauseef Ahmad Khan, Nishant Vats Mahatre, Harshit Gupta and Ashish Rajan Singh, the startup provides one stop solution for all kinds of inputs for the farmers. Farmers can buy genuine crop protection, crop nutrition, seeds, implements and agri hardware at their doorstep.
We have seen strong farmer adoption with a YOY 15-20% increase in the wallet share of the customers. We will invest in customer acquisition and providing a holistic solution for maximising farmers’ incomes by enhancing expertise around agronomic intelligence for input business and building capabilities to provide market linkages and access to credit to the farmers.Tauseef Khan, cofounder and CEO, Gramophone
The company claims to have provided its services to 550,000 farmers who have gained up to 20% in cost-effectiveness and have also increased their yields by 40% through their advisory services. The companies portfolio of services include:
|Input Planning||Support & Advisory||Quality & Prices|
|Help farmers understand their farms better by facilitating soil testing and crop nutrition management||Reduce information asymmetry by giving advisory, weather & market prices to the farmers||Provide authentic and quality products from reliable suppliers to the farmers at rates cheaper than the market price at their doorstep|
With this financing, Gramophone has raised US$7.9 million (Rs 55 crore) until now.