Info Edge to make an investment worth Rs 9.3 crore in associate company

Startup Investments (Holding) Ltd. (SIHL) will acquire 10,315 compulsorily convertible cumulative preference shares with a face value of Rs 10 each as part of a larger round.

Post the investment of Rs 9.31 crore, the aggregate shareholding of Info Edge through SIHL would be 32.89 percent in Agstack Technologies, on a fully converted and diluted basis.

Explaining the rationale of the investment, Info Edge said that this follow-on investment by the company is in furtherance of its investment strategy, which includes making external financial investments, that is focused on value creation in the medium to long term.

Founded in 2016, Gramophone is a full-stack agritech platform for farmers. The company sells agri-inputs to farmers directly and via small retailers in an omnichannel model.

It also provides advice to farmers with respect to cropping and farming practices. The startup also helps them in selling their output to buyers.

Gramophone has seen excellent growth in its turnover over the last three years. It registered a turnover of Rs 18.3 crore in 2019-20, which increased to Rs 45.7 crore in 2020-21, and further surged to Rs 181.1 crore in 2021-22.

Internet company Info Edge runs portals like Naukri.com, JeevanSathi.com, and 99acres.com.

Shares of Info Edge India Ltd. ended 0.65 percent lower at Rs 3,722 on Tuesday.