Friday, 10 May 2024, Bengaluru, India
An Agritech startup, Gramophone reports that they had a gross revenue of Rs 316 crore and an overall loss of Rs 58 crore in FY23. The startup has worked well in the agriculture market; in past years, as it reported over 75 percent year-on-year growth during the Fiscal year by the end of March. The startup’s gross revenue grew 75.6 percent to 316 crore INR in FY23 from INR 180 crore in FY22.
Gramophone was formed by Nishant Mahatre and Tauseef Khan a few years ago, to offer crop protection, seeds, implements, crop nutrition, and agriculture technologies.
The startup also helps farmers sell crops directly through the “gram Vyapaar” feature to businessmen. Agritech startup, Gramophone has been making its place in the agritech market steadily with over 75 percent year-on year growth. The agri-input products are the only source of revenue for the Gramophone. Even after the loss of 58 crore, the company has an increase of 76.2% increase, as it went from 172 to 303 crore.
image source: Gramophone official site
According to the Economics Times, In 2021 the reflected GDP data shows that agriculture was the only sector that recorded growth. That does business as Gramophone earned Rs 48 crore according to the FY21 report. This Agri-tech startup uses data-driven technology to make and offer a secure platform for farmers. Farmers and dealers can reach each other directly using this platform. In addition, the startup also offers real-time information and input planning to its users. This type of agri-tech startup offers various agriculture-related products like seeds, crop nutrition, and crop protection products. While facing losses, the company’s steady growth and focus on providing quality agricultural products position it well in the agritech market.
According to reports, India has seen a rapid increase in the field of agri-tech. This sector has opened various market opportunities in the country for farmers. The main focus of these startups is on digital agriculture, real-time monitoring of crops, and more. Gramophone offers real-time access and transparency of information, and better access of information to help farmers for better crop production. The startup utilizes technology to increase the quality of agricultural productivity and efficiency while reducing wastage and minimizing resource usage. The startup works on discovering various efficient ways to water crops like irrigation systems.
Conclusion:
Gramophone reports gross revenue of Rs 316 crore, marking a 75.6% increase from the previous fiscal year. Founded by Nishant Mahatre and Tauseef Khan, Gramophone offers various agritech solutions such as helping farmers sell their produce directly to traders. With the agri-tech sector showing promising opportunities for farmers and businesses, Gramophone’s use of technology to enhance agricultural productivity highlights its potential impact on the Indian economy. While facing losses, the company’s steady growth and focus on providing quality agricultural products position it well in the agritech market. As the agritech industry evolves, all eyes are on Gramophone’s future trajectory and its contributions to the agricultural sector.
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