New Delhi, Jan. 5 -- Venture capital funds-backed agri-fintech platform Unnati is set to acquire tech-led agri-advisory Gramophone, marking a consolidation move in India's agri-tech sector and an exit for Info Edge (India) Ltd from the asset.
Info Edge, through its wholly owned subsidiary Startup Investments Holding Ltd, has agreed to transfer its entire shareholding in Gramophone to Unnati. Agstack Technologies-operated Gramophone gives weather-related alerts, offers soil analysis and does direct delivery of crop protection and nutrition products, among other things.
The stake, which works out to 50.94% on a fully diluted basis, is valued at about Rs 91.7 crore (around $10.2 million). The transaction is structured as a share swap, with Info Edge receiving 15.75% in Unnati via preference shares issued in settlement of the transfer.
VCCircle had first reported the merger plan in January 2025.
Alongside the stake swap, Info Edge will also make a fresh primary investment of Rs 35 crore (around $4 million) in Unnati, taking its aggregate holding to 20.53% on a fully diluted basis.
The holding is expected to dilute to about 18.48% once Gramophone merges into Unnati and other shareholders convert.
Post closing, Gramophone will cease to be a subsidiary of Info Edge and will be merged into Unnati to create a larger platform spanning digital agri distribution, aggregation, and financing.
Gramophone contributed about 2.5% of Info Edge's revenue in FY25, and the transaction shifts the listed firm from a control position in a smaller asset to a minority stake in a broader, scaled platform.
Founded in 2017 by former Paytm chief financial officer Amit Sinha, along with co-founder Ashok Prasad, Unnati operates as a fintech-led platform providing banking and financial services to farmers.
The New Delhi-based startup has raised angel capital from a group of early backers that includes Paytm founder Vijay Shekhar Sharma, as well as current and former Paytm executives Vikas Garg, Shankar Nath, and Renu Satti, and Tata Industries executive director KRS Jamwal.
Unnati is backed by several venture capital and impact investors, including Incofin Investment Management, NabVentures, and Orios Venture Partners, as well as mid-market private equity firm Zephyr Peacock India, the local arm of New York-based emerging markets investment firm Zephyr Management.
The company reported Rs 291.4 crore in revenue for FY25, with operations focused on reducing risks in farming through technology-led supply chains and credit solutions.
Published by HT Digital Content Services with permission from VC Circle.