Gramophone is an Agritech startup that offers an online platform service for farmers. The startup showed a 69 percent increase in its operating revenue to Rs 98 crore in FY24. The company saw a huge decline in its loss by 41.4 percent to Rs 34 crore in the same duration. The company provides advisory for farmers with agri-inputs including crop protection and farming equipment. The sale of agri-products is the company’s primary source of revenue.
The platform also provides a Gram Vyapaar feature that allows farmers to sell crops directly to their customers. The company also earns revenue by selling farming equipment. The online platform also provides agronomic information regarding weather, expense calculator, and latest market prices. The agri-products accounted for more than half of the total operating revenue in FY24. The company has raised over 27 million USD across multiple funding rounds since its inception, including 1.8 million USD secured during its series B funding round led by Asha, Z3 Partners, and other investors.
The Indore-based firm claims to have served around 50,000 villages and worked with over 2 million retailers. The company’s existing investor, Info Edge is the largest external stakeholder with a 32.89 percent stake followed by Z3 Partners and Siana Capital. Gramophone offers an online application with the best customer experience. The cost of procurement accounted for 68 percent of the total expenses. This cost decreased by 70 percent and stood at Rs 90 crore in FY24. The legal, marketing, packaging, employee benefits, and other expenses decreased for this financial year.
The total expenditure of the firm saw a 64.4 percent decline and crossed Rs 133 crore in this fiscal year. However, the majority of the total expenses go to employee benefits and the cost of procurement. This agritech company has investors including Siana Capital, Info Edge Ventures, and Z3 Partners. The company faces competition with other agritech platforms in the same segment such as Agrostar, Dehaat, and StarAgri.
The agritech startup is focused on improving its business model while offering more innovative farming solutions, positioning it well in the agritech market. The company plans to minimize losses through cost-cutting measures. The EBITDA margin worsened and stood at -31.31 percent while the ROCE was reported to be around -246.15 percent in the same period.
Conclusion :
Gramophone announced a 69 percent decrease in its revenue from operations to Rs 98 crore in FY24. This agritech startup offers an online platform offering agri-products and related services. This online platform allows farmers to take real-time advice from experts and buy crop protection, seeds, and other agri-products online. The sale of these agri-products is the company’s primary source of revenue.
The startup reported around a 41.4 percent decrease in its loss to Rs 34 crore in FY24. The total expenditure of the firm also decreased by 64.4 percent and crossed Rs 133 crore in the same duration. Gramophone posted an EBITDA margin of -31.31 percent and it competes with other online platforms offering agri-inputs such as Agrostar.
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