Indian agritech startup Unnati is acquiring Info Edge backed platform Gramophone through a stock-swap transaction, following approval from the board of Info Edge (India).
Under the aggrement, Info Edge will, via its wholly owned subsidiary Startup Investments (Holding) (SIHL), transfer its entire 51% stake in associate company Agstack Technologies Private (Gramophone) to Akshamaala Solutions Private (Unnati). In return, Info Edge will receive a 15.7% equity stake in Unnati and will additionally invest $3.87 million (₹35 crore), taking its overall holding in Unnati to 20.5% (later expected to dilute to 18.48% after Gramophone’s merger into Unnati), according to disclosures made in a stock exchange filing.
The transaction aims to integrate Gramophone’s farmer-facing digital advisory and commerce capabilities into Unnati’s broader agri-value chain platform. For Info Edge, the deal represents a portfolio consolidation strategy, converting a controlling stake in a single agritech asset into a larger minority position in a combined platform with wider operational reach.
Info Edge (India) is an Indian internet services company with operations across online recruitment, classifieds, education, and related digital segments. It operates platforms such as Naukri.com and holds investments in a range of technology-enabled businesses through its subsidiaries and investment entities in India.
Merger Terms and Valuation
Founded in 2010, Gramophone operates a digital platform focused on the distribution of agricultural inputs and reported revenue of approximately $7.42 million (₹67 crore) for the financial year ended March 2025. Unnati, founded by former Paytm Chief Financial Officer Amit Sinha, offers financing and distribution services for farm inputs and reported revenue of ₹291 crore for the same period.
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SIHL currently holds a 39.58% stake in Gramophone, which will increase to 50.94% on an as-if converted basis prior to the transfer, temporarily classifying Gramophone as a subsidiary of SIHL. The increase in shareholding, from 39.58% to 50.94%, is linked to the valuation applied for the exit event being undertaken by Gramophone, Info Edge (India) stated in its filing.
The transaction values Gramophone at approximately ₹92 crore, based on a per-share price of about ₹2,703. As part of the deal, SIHL will transfer 3,39,305 shares representing 50.94% of Gramophone on a fully diluted basis to Unnati. The transaction is expected to be completed within 90 days, subject to customary closing conditions.
Upon completion of the transaction and the proposed merger of Gramophone into Unnati, Gramophone will cease to be a subsidiary of SIHL. Info Edge’s exposure will thereafter shift to a minority stake in the combined entity.
Agritech Consolidation and Strategic Rationale
The acquisition of Gramophone by Unnati may reflect a broader recalibration already underway in India’s agritech sector, where scale and balance-sheet strength are increasingly shaping consolidation decisions. Rather than expanding through parallel platforms, companies are seeking to combine complementary capabilities across input distribution, advisory, and financing.
For Unnati, absorbing Gramophone strengthens its reach at the farm-input interface while potentially reducing customer acquisition friction. For Info Edge (India), the transaction converts a controlling position in a single operating company into a minority exposure to a larger, integrated agritech entity.
By combining operations, Unnati and Gramophone may be better positioned to align farmer engagement with monetisation timelines, which have historically remained mismatched in the sector. The valuation and stock-swap structure also indicate moderation in pricing expectations compared to earlier funding cycles. For Info Edge (India), the move marks a approach that favours exposure to platforms with clearer pathways to scale rather than standalone growth narratives.
The structure of the deal suggests a measured approach to risk, prioritising long-term participation over direct operational control, as agritech business models move toward fewer but broader platforms.
