Agstack Technologies Pvt. Ltd, which operates agricultural-technology platform Gramophone, has raised Rs 25 crore (approximately $3.4 million at current exchange rates) in a fundraising exercise.
The round in the Indore-based startup was led by Siana Capital, a Bengaluru-based fund focussed on investing in companies during their early to middle stages of growth.
Other participants in this round include Info Edge Ventures fund, Asha Impact and Better Capital, all of whom are existing investors in the company, Gramophone said in a statement. The company last raised capital in August 2019, when it secured commitments worth around Rs 24.78 crore in a Series A round.
The company was launched in 2016 by IIT-Kharagpur and IIM-Ahmedabad alumni Nishant Mahatre and Tauseef Khan. Both founders had stints in agri-tech companies and venture capital funds before starting Gramophone.
The startup had in May 2017 raised $1.5 million in angel funding from a clutch of individual investors.
Gramophone says its platform allows farmers to increase income using improved agricultural practices. It gives farmers access to instruments such as inputs and implements such as seeds, fertilisers and pesticides.
The company claims customers see a cost benefit of up to 20% through its input marketplace, and up to a 40% improvement in yields through its advisory services.
Co-founder Khan said the company will use the capital it has raised to invest in customer acquisition and enhancing its technological infrastructure. It will also focus on building capabilities to provide market linkages and providing credit access to farmers.
“The Gramophone team has deep understanding of the agricultural supply chain,” Info Edge Ventures partner Kitty Agarwal said. “They have emerged as the leading agri-tech player that caters to a farmer’s end-to-end needs by providing the right agronomic intelligence, quality inputs and transparent market linkages.”