Info Edge (India) Ltd, the company behind Naukri.com, has taken a key strategic step in its agritech portfolio by approving the transfer of its stake in Gramophone to Unnati, along with a fresh investment of ₹35 crore. The decision was approved by Info Edge’s board during its recent meeting and signals a major consolidation move in India’s rapidly evolving digital agriculture space.
The transaction will be executed through Info Edge’s wholly owned subsidiary, Startup Investments (Holding) Ltd (SIHL), and is aimed at strengthening long-term value creation while streamlining agritech investments under a more scalable structure.
Share Transfer Makes Gramophone Part of Unnati’s Growth Plan
As part of the approved transaction, SIHL will transfer its entire shareholding in Gramophone to Unnati. Currently, SIHL holds a 39.58% stake in Gramophone. However, due to valuation adjustments linked to an exit event, SIHL’s holding will temporarily increase to 50.94% on a fully diluted basis, making Gramophone its subsidiary before the transfer.
Following this, SIHL will transfer 3,39,305 shares of Gramophone to Unnati at a per-share valuation of ₹2,702.87. This values the transaction at approximately ₹91.7 crore. In exchange, SIHL will receive 49,145 preference shares in Unnati, translating to a 15.75% stake in Unnati on a fully diluted basis.
This share-swap arrangement effectively merges Gramophone’s capabilities into Unnati’s platform, creating a stronger agritech entity with complementary strengths.
₹35 Crore Capital Infusion to Support Expansion
Alongside the stake transfer, SIHL will also make a primary investment of ₹35 crore into Unnati. Under this investment, SIHL will subscribe to 18,756 preference shares, increasing its total holding in Unnati to approximately 20.53% on a fully diluted basis.
However, after accounting for the share issuance to Gramophone’s remaining shareholders following the merger, SIHL’s effective stake in Unnati is expected to reduce to around 18.48%. Until this dilution takes place, Unnati will continue to be classified as an associate company of SIHL.
The deal is subject to standard closing conditions and is expected to be completed within 90 days of signing the definitive agreements, unless extended by mutual consent.
Gramophone and Unnati: A Strategic Fit
Gramophone operates a digital agritech platform focused on providing advisory services and farm inputs such as seeds, fertilisers, crop protection products, and agricultural equipment. For the financial year ended March 31, 2025, Gramophone reported a turnover of ₹66.89 crore.
Unnati, on the other hand, runs a technology-led platform that integrates agri-input distribution, supply chain aggregation, and credit solutions for farmers and retailers. While Unnati reported a higher turnover during the same period, it also incurred losses as it continued to invest heavily in scaling operations.
What This Means for India’s Agritech Sector
The merger of Gramophone into Unnati highlights a broader trend of consolidation within India’s agritech ecosystem. With rising competition and increasing capital requirements, startups are focusing on integration to achieve operational efficiency, wider reach, and stronger product offerings.
For Info Edge, the move represents a strategic realignment—shifting from multiple standalone bets to backing a single, larger platform with the potential to serve farmers across the agri-value chain more effectively. The combined strengths of Gramophone’s advisory technology and Unnati’s distribution and fintech capabilities could help build a more comprehensive digital solution for India’s agricultural economy.