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Gramophone promotes Navneet Singh Batra as co-founder

EntrackrEntrackr · 1y ago
Gramophone promotes Navneet Singh Batra as co-founder
Medial

Agritech startup Gramophone has elevated long-term company executive Navneet Singh Batra to the position of co-founder. Batra brings more than a decade of experience in FMCG and agri industries. In his new role, he will oversee strategic initiatives to boost its market presence and drive growth as well as margin. Batra previously served as Gramophone’s business head of retail biz. Previously, he had stints at nurture.retail and JioMart. Founded by Tauseef Khan, Ashish Rajan Singh, Harshit G, and Nishant Mahatre, Gramophone offers real-time farm advisory from experts and enables farmers to purchase crop protection, crop nutrition, seeds, implements, and agricultural hardware products. It also provides agronomic information such as weather information, the latest market prices and expense calculator among others. The Indore-based company claims to serve 50,000 villages and works with more than 2 million farmers and retailers. The platform has raised about $20.5 million to date from investors including InfoEdge, Z3 Partners, Asha Impact, and Siana Capital. For the fiscal year ending in March 2023, Gramophone’s gross revenue grew 75.6% to Rs 316 crore from Rs 180 crore in FY22. The company’s losses grew 48.7% to Rs 58 crore in FY23 from Rs 39 crore in the previous fiscal year. Last month, crypto exchange CoinDCX elevated Mridul Gupta as its founding partner.

Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23

EntrackrEntrackr · 1y ago
Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23
Medial

Agritech startup Gramophone has been making its place in the agritech space with over 75% year-on-year growth during the fiscal year ended March 2023. At the same time, losses for the InfoEdge-backed company looked under control compared to other VC-backed agritech startups. Gramophone’s gross revenue grew 75.6% to Rs 316 crore in FY23 from Rs 180 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2016 by Nishant Mahatre and Tauseef Khan, Gramophone’s offerings include crop protection, crop nutrition, seeds, implements, and agri hardware. It also facilitates farmers to sell crops to vyapaaries (businessmen) directly through its Gram Vyapaar feature. The sale of products (agri inputs) is the sole source of revenue for Gramophone. For the agritech startup, the cost of procurement of inputs accounted for 81% of the overall expenditure. In the line of scale, this cost surged 76.2% to Rs 303 crore in FY23 from Rs 172 crore in FY22. Its employee benefits, information technology, advertising cum promotional, provisions for trade receivables, and other overheads catalyzed the overall expenditure up by 70% to Rs 374 crore in FY23 from Rs 220 crore in FY22. See TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 220 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Total ₹ 374 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Information technology Information technology Advertising promotional Advertising promotional Provision for Trade Receivables Provision for Trade Receivables Others To check complete Expense Breakdown visit thekredible.com View full data Despite a decent scale, losses for the Gurugram-based company grew 48.7% to Rs 58 crore in FY23 from Rs 39 crore in FY22. Its ROCE and EBITDA stood at -119% and -17.4% respectively. FY22-FY23 FY22 FY23 EBITDA Margin -21% -17.4% Expense/₹ of Op Revenue ₹1.22 ₹1.18 ROCE -57% -119% On a unit level, it spent Rs 1.18 to earn a rupee in FY23. With procurement costs (Rs 303 crores) accounting for almost 95% share of revenues (Rs 316 crores), Gramophone has an obvious margin challenge to manage, the common issue for all agritechs, unless they provide services. With other costs being much less elastic by now, there is no way out but to increase margins or topline without addition to non-procurement costs. Past performance indicates that it is easier said than done, and to that extent Gramophone, despite proving its market case, will need to pull off some major surprises to move into the black. With the plethora of agritechs out there, it will hopefully not need to search out the right answer for too long. Gramophone has raised around $18 million to date including its $10 million Series B round led by Z3Partners. According to the startup data intelligence platform TheKredible, InfoEdge is the largest external stakeholder with 32.89% followed by Z3Partners and Siana Capital. Its co-founders Tauseef Ahmed Khan and Nishant Vats cumulatively hold 27.16% of the company.

Invest4Edu makes education planning easy for parents

EntrackrEntrackr · 1y ago
Invest4Edu makes education planning easy for parents
Medial

Not everyone can afford to pay for high-quality education for their children. Whether it’s about studying in a premier institution in India or colleges abroad, it’s expensive. The complexities of accessing education loans have also been a significant pain point for parents. Of late, quite a few startups have begun working in this space. For instance, GradRight helps make higher education abroad accessible and affordable. Other notable names are Leap Finance and Propelled. Another startup trying to tap into this space is Invest4edu. Based in Mumbai, Invest4Edu aims to address common anxieties around the rising cost of education, college planning, and long-term payment. We spoke to the company co-founder and CEO Peeyush Agrawal to learn more about the ‘ed-fintech’ startup, how it operates, and more. Here are the edited excerpts: What are the key challenges in the industry that have not been addressed yet? And how do you plan to address them? There has been a surge of edtech and fintech companies, and all of them are doing a great job in their respective horizons, but we have found that India still lacks tech platforms offering comprehensive education financial solutions. Only partial solutions are being offered by existing Edtech and Fintech companies. There is a lack of focused unified solutions in the market, and an absence of education goal-based planning leading to insufficient funds for education. Less than 30% of parents use money for their child’s education from dedicated education savings. Inadequate planning leads to insufficient funds for education, restricting a child’s ability to achieve their real potential. Two out of three Indian parents cannot plan for retirement due to the higher education financing needs of their children. With smart AI-based tools, we want to empower parents and students to discover and plan their education goals. Early planning with mandate-based early savings and great career-building services will help Indians manage education inflation and fulfill their commitment to quality education. We are offering an array of education services to help students and parents discover ideal career paths in the increasingly changing environment. What are the key highlights of your platform? We at Invest4Edu offer an AI-based education journey, essentially a digital toolkit aiding parents in crafting career-centric education goals from nursery to university. The toolkit is aimed to simplify learning requirements, skill development, assessments, and counseling with precise expense details. There is also a free planner that ensures holistic education. Subscription plans offer services like career counseling, skill-building, and financial investment guidance for achieving goals. We also have a College cost calculator, EduAbacus, which helps deliver informed decisions on future education costs. Subscriptions or standalone services from this tech-driven platform streamline education planning for parents and students. How do you generate revenues? Invest4Ed offers a unique blend of educational and financial services to B2C and B2B2C markets. We have an annuity-based revenue model with high customer retention. The revenue is generated from commission on financial products like MF, FD, Insurance along with fees from educational solutions and subscription plans. What are your short-term and long-term goals in terms of product and business expansion and diversification? Over the next two years, our company aims to spearhead a transformative initiative in education planning that prioritizes and enhances while ensuring accessibility for a diverse student population of more than 2 Lakh students. Our long-term goal is to create 1.5 Million User Base and 0.5 Million Families Empowered In this endeavour. We will be building a $250 Million Mutual Fund AUM & Monthly SIP Book of $60 Million. We have recently expanded our core team aimed at launching our global business.

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