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Info Edge confirms Gramophone–Unnati merger, to hold 20% stake

EntrackrEntrackr · 3d ago
Info Edge confirms Gramophone–Unnati merger, to hold 20% stake
Medial

Info Edge (India) Ltd has formally confirmed the long-rumoured share swap between its agritech portfolio company Gramophone and Unnati Agri, validating Entrackr’s earlier report on the proposed consolidation in the digital agri-input space. In a stock exchange disclosure on Saturday, Info Edge said its wholly owned subsidiary Startup Investments (Holding) Ltd (SIHL) has agreed to transfer its entire stake in Agstack Technologies Pvt Ltd (Gramophone) to Akshamaala Solutions Pvt Ltd (Unnati) as part of a share swap arrangement. The transaction is structured as a merger-led consolidation rather than an outright cash acquisition. Under the approved structure, SIHL will transfer 339,305 shares, a 50.94% stake in Gramophone on a fully diluted basis, to Unnati at a valuation of Rs 2,702.87 per share, for a consideration of Rs 91.7 crore. In return, Unnati will issue 49,145 preference shares, giving SIHL a 15.75% stake in Unnati on a fully diluted basis. In addition to the share swap, Info Edge will invest Rs 35 crore as a primary infusion in Unnati by subscribing to 18,756 preference shares, which will raise its aggregate shareholding in Unnati to 20.53%. This stake is expected to dilute to 18.48% once all Gramophone shareholders receive Unnati shares pursuant to the merger. The transaction is expected to close within 90 days, subject to completion of definitive agreements and customary conditions. The deal aims to combine Unnati’s B2B agri-input distribution and financing network with Gramophone’s farmer-facing advisory and commerce platform, one of the most significant consolidation moves in India’s agritech sector in recent years. Unnati recorded revenue of Rs 291 crore in FY25 with a loss of Rs 18.4 crore in the same period.

Exclusive: Unnati Agri set to acquire Gramophone in share swap deal

EntrackrEntrackr · 1m ago
Exclusive: Unnati Agri set to acquire Gramophone in share swap deal
Medial

Exclusive: Unnati Agri set to acquire Gramophone in share swap deal Agri tech platform Unnati Agri is in the final stages of acquiring its sectoral peer Gramophone in a share swap deal, according to two sources familiar with the matter. The proposed transaction, if completed, will create one of the largest agri-input companies in India. “The deal between Unnati and Gramophone would bring significant consolidation in the agri-input space, which currently has only a handful of players,” said one of the sources requesting anonymity. As per sources, the proposed share swap structure is likely to be based on the revenue contribution and business scale of both companies. For the uninitiated, agri inputs include products such as seeds, fertilizers, and pesticides that are sold to farmers or retailers to aid crop production. In contrast, agri output biz focuses on helping farmers sell their harvested produce, such as grains, fruits, and vegetables, to buyers or markets. “Gramophone is expected to hold around 30–35% stake in the combined entity, with the remaining ownership resting with Unnati,” added the source quoted above. “The deal is likely to be structured more as a merger than an acquisition, with both firms continuing to operate independently.” For Unnati, the past year was focused on brand consolidation after scaling down third-party operations. It now operates with margins of 30–35%, and improved its bottom line in FY25 even as revenue remained flat. “Unnati’s own brand-led model is now driving better margins, and its input ARR has reached around Rs 375 crore for FY26,” said another source requesting anonymity. InfoEdge-backed Gramophone had earlier focused on its output business but shut it down due to weak margins. “After exiting output, Gramophone shifted its focus to inputs, which led to a turnaround in FY25. Its own branded input products have grown significantly,” said the above source. For context, Gramophone’s gross merchandise value (GMV) fell to Rs 98 crore in FY24 from Rs 316 crore in FY23 after the company scaled down its output operations. According to sources, its growth is likely to remain flat in FY25; however, the company is currently operating at an annual recurring revenue (ARR) run rate of Rs 150 crore for FY26. Gramophone has a strong presence in Rajasthan and Madhya Pradesh, while Unnati operates in Haryana, Maharashtra, Telangana, and Uttar Pradesh. The merger would expand their footprint and combine Unnati’s B2B strength with Gramophone’s direct-to-farmer B2C network. “Their synergies align well both geographically and operationally,” said the person quoted in the beginning of the story. Post-merger, the combined entity plans to raise a larger funding round and explore joint acquisitions, according to sources. Detailed queries sent to Unnati and Gramophone on Monday did not elicit a response. The story will be updated if they respond. Founded in 2017 by former Paytm Mall chief operating officer Amit Sinha and Ashok Prasad, Unnati Agri has raised over $11 million to date from Incofin Investment Management, Orios and others. Gramophone, on the other side, has raised over $20 million to date, including its $10 million Series B led by Z3 partners.

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