Info Edge (India) Ltd, the parent of Naukri.com, has approved moving its stake in agritech firm Gramophone to Unnati and committing an additional ₹35 crore to Unnati, aiming to consolidate and scale its agricultural technology investments under a single platform.
Share transfer and structure of the deal
The board authorised Info Edge’s wholly owned subsidiary, Startup Investments (Holding) Ltd (SIHL), to transfer its entire shareholding in Gramophone to Unnati. SIHL currently holds 39.58% of Gramophone, but valuation adjustments tied to an exit event will temporarily increase SIHL’s fully diluted holding to 50.94%, making Gramophone a subsidiary prior to the transfer.
SIHL will transfer 3,39,305 Gramophone shares to Unnati at a per‑share valuation of ₹2,702.87, valuing the transaction at about ₹91.7 crore. In return, SIHL will receive 49,145 preference shares in Unnati, representing roughly a 15.75% stake on a fully diluted basis. This share‑swap is intended to fold Gramophone’s capabilities into Unnati’s platform, creating a combined agritech entity with complementary strengths.
Capital infusion and post‑transaction stake
Alongside the share transfer, SIHL will make a primary investment of ₹35 crore in Unnati by subscribing to 18,756 preference shares. This raises SIHL’s aggregate holding in Unnati to about 20.53% on a fully diluted basis immediately after the investment.
Following the issuance of shares to Gramophone’s remaining shareholders as part of the merger process, SIHL’s effective stake is expected to dilute to approximately 18.48%. Until that dilution occurs, Unnati will continue to be classified as an associate company of SIHL. The transaction remains subject to customary closing conditions and is expected to complete within 90 days of signing the definitive agreements, unless extended by mutual consent.
Business profiles: Gramophone and Unnati
Gramophone operates a digital agritech platform providing agronomic advisory services and supplying farm inputs including seeds, fertilisers, crop protection products and agricultural equipment. For the year ended March 31, 2025, Gramophone reported revenue of ₹66.89 crore.
Unnati runs a technology‑driven platform that combines agri‑input distribution, supply‑chain aggregation and credit solutions for farmers and retail partners. During the same period Unnati reported higher revenue but also posted losses as it invested in scaling operations and expanding market reach.
Implications for India’s agritech landscape
The deal reflects an ongoing consolidation trend within India’s agritech sector, where startups are integrating services to improve operational efficiency, broaden geographic reach and offer end‑to‑end solutions to farmers. Rising competition and the capital intensity of scaling distribution and credit services are prompting such strategic combinations.
For Info Edge, the transaction signals a strategic reorientation from holding multiple smaller agritech stakes toward backing a single, larger platform. Combining Gramophone’s advisory capabilities with Unnati’s distribution and fintech infrastructure could strengthen the combined entity’s ability to address farmer needs across the agri‑value chain and accelerate delivery of integrated digital solutions to India’s agricultural economy.
