The Indian digital agriculture services market is expected to reach $4.55 billion by 2020, as per Accenture report. In this space, the recent development is that an Indore-based agri-tech startup Gramophones has raised $1 million funding in pre-Series A round led by Info Edge which operates several portals like 99acres, Naukri, Jeevansathi, etc.
The company Info Edge will have 35 per cent stake in the startup after this investment as per companys stock exchange filings.
In 2016, the agri-tech startup Gramophone was founded by Nishant Vats and Tauseef Khan. The startup offers inputs through its platform to farmers throughout the cropping cycle. The startup plans to use the raised funding to expand its customer base to 1 million farmers within a year and also plans to improve its product offering.
Khan said, Gramophones Agronomic Intelligence provides the best farm management solutions to farmers by leveraging the power of image recognition, soil science, smart crop selection, and personalised information-led cropping system.
Kitty Agarwal, from Info Edge, said, We have invested in Gramophone because it has a great team working on an innovative concept. They are solving problems of real India by helping farmers in improving their livelihoods and awareness. Rural India is the next frontier of the internet where the impact can be tremendous.
Last year, the startup also raised $1.5 million funding from a clutch of angel investors.