Info Edge (India) Ltd — the company behind Naukri.com — has approved a strategic consolidation in its agritech holdings by transferring its stake in Gramophone to Unnati and making a fresh investment of ₹35 crore, the board said. The move aims to streamline investments and build scale in India’s fast-evolving digital agriculture sector.
Deal structure and transfer mechanics
The transaction will be implemented through Info Edge’s wholly owned subsidiary, Startup Investments (Holding) Ltd (SIHL). SIHL currently holds 39.58% of Gramophone; however, due to valuation adjustments related to an exit event, its holding will temporarily rise to 50.94% on a fully diluted basis, making Gramophone a subsidiary of SIHL prior to the transfer.
SIHL will then transfer 3,39,305 shares of Gramophone to Unnati at a per-share valuation of ₹2,702.87, valuing the share swap at about ₹91.7 crore. In return, SIHL will receive 49,145 preference shares in Unnati, equivalent to a 15.75% stake on a fully diluted basis. The arrangement effectively brings Gramophone’s capability set under Unnati’s platform.
Capital infusion and post-transaction stake
Concurrently, SIHL will make a primary investment of ₹35 crore into Unnati by subscribing to 18,756 preference shares. This increases SIHL’s aggregate holding in Unnati to roughly 20.53% on a fully diluted basis.
However, after additional share issuance to Gramophone’s remaining shareholders following the merger, SIHL’s effective stake is expected to dilute to around 18.48%. Until that dilution is effected, Unnati will continue to be classified as an associate company of SIHL. The transaction is subject to customary closing conditions and is expected to be completed within 90 days of signing definitive agreements, unless mutually extended.
Complementary business models
Gramophone operates a digital agritech platform offering advisory services and farm inputs including seeds, fertilisers, crop protection products and agricultural equipment. For the financial year ended March 31, 2025, Gramophone reported revenue of ₹66.89 crore.
Unnati is a technology-led platform focused on agri-input distribution, supply-chain aggregation and farmer/retailer credit solutions. Although Unnati reported higher revenue in the same period, it recorded losses as it invested heavily to scale operations. The transaction aims to combine Gramophone’s advisory and input strengths with Unnati’s distribution and fintech capabilities.
Implications for India’s agritech landscape
The consolidation underscores a wider trend in India’s agritech sector where startups are integrating to achieve scale, strengthen product offerings and improve unit economics amid rising competition and capital intensity.
For Info Edge, the move signals a strategic shift from holding multiple independent bets to backing a larger, unified platform that can serve multiple points along the agri-value chain. By merging advisory, input supply and financial solutions under a single entity, the combined venture seeks to offer more comprehensive digital services to farmers and rural retailers across India.
