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Friday, January 27, 2023

Business News | Info Edge completes acquisition of Gramophone for Rs 9.31 crore

Noida (Uttar Pradesh) [India]Jan 24 (ANI) Info Edge has said that its wholly owned subsidiary Startup Investments (Holding) (SIHL) has acquired an ag tech company Agstack Technologies (Gramophone) for cash consideration of Rs 9.31 crore. .

According to a statement shared with the exchanges on Monday, Gramophone is a complete agricultural technology platform for farmers. The company sells agricultural inputs to farmers directly and through small retailers in an omnichannel model. It also provides advice to farmers regarding crops or farming practices and helps them sell their produce to buyers.

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According to Info Edge’s statement, this follow-on investment by the company through SIHL supports the company’s investment strategy, which includes making external financial investments that focus on medium and long-term value creation.

Gramophone was incorporated on May 23, 2016, and is engaged in the business of farm input retailing, farm product procurement, and building and maintaining a farmer advisory platform, the company statement showed.

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agriech is a full-stack smart farming platform that guides farmers through the crop cycle, offering crop inputs, smart selection, access to scientific advice on agronomy, including farming practices, and outlet market linkages. It has partnered with companies such as Coromandel, Bayer, Dhanuka, PI Industries and Tata Rallis to provide quality seeds and agrochemicals to maximize crop yields.

The agritech startup currently operates in five states: Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Rajasthan and Maharashtra. (AND ME)

(This is an auto-generated, raw story from the syndicated news feed, the body of the content may not have been modified or edited by LatestLY staff)

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