Gramophone announces ESOP buyback worth $2 Mn

Agritech startup Gramophone has announced its Employee Stock Ownership Plan (ESOP) buyback worth $2 million.

With this, the Indore-based startup has provided liquidity to key team members and angel investors.

Founded in 2016 by Nishant Mahatre and Tauseef Khan, Gramophone acts as an e-commerce marketplace for farmers and provides agronomy services and input and output products in states like Madhya Pradesh, Chhattisgarh, Maharashtra, and Rajasthan.

The startup currently serves over 1.2 million farmers by providing 10 million plus agronomy advisories over its app across Hindi & Marathi speaking belts. The firm has delivered over 5 lakh orders of agri inputs across MP, Rajasthan and Chhattisgarh through a micro entrepreneur network.

The platform claims to have witnessed 10-folds growth in its revenues over the last year, currently at an annual run rate (ARR) of Rs 400 crores and plans to reach an Rs 1000 crores ARR in next 12 months.

Gramophone has so far raised $20 million from Info Edge, Asha Impact, Siana Capital, Z3 Partners, along with new investors Amit Sharma from erstwhile Sunrise Group, Sumeet Kanwar from Verity, and Chona Family Office of Havmor Group.

Last week, Indian startups ecosystem saw four ESOP buyback announcements including Slice, TheMathCompany, Bizongo and LEAD.