Info Edge confirms Gramophone–Unnati merger, to hold 20% stake

Info Edge (India) Ltd has formally confirmed the long-rumoured share swap between its agritech portfolio company Gramophone and Unnati Agri, validating Entrackr’s earlier report on the proposed consolidation in the digital agri-input space.

In a stock exchange disclosure on Saturday, Info Edge said its wholly owned subsidiary Startup Investments (Holding) Ltd (SIHL) has agreed to transfer its entire stake in Agstack Technologies Pvt Ltd (Gramophone) to Akshamaala Solutions Pvt Ltd (Unnati) as part of a share swap arrangement. 

As reported earlier by Entrackr, the transaction is structured as a merger-led consolidation rather than an outright cash acquisition.

Under the approved structure, SIHL will transfer 339,305 shares, a 50.94% stake in Gramophone on a fully diluted basis, to Unnati at a valuation of Rs 2,702.87 per share, for a consideration of Rs 91.7 crore. In return, Unnati will issue 49,145 preference shares, giving SIHL a 15.75% stake in Unnati on a fully diluted basis.

In addition to the share swap, Info Edge will invest Rs 35 crore as a primary infusion in Unnati by subscribing to 18,756 preference shares, which will raise its aggregate shareholding in Unnati to 20.53%. This stake is expected to dilute to 18.48% once all Gramophone shareholders receive Unnati shares pursuant to the merger.

The transaction is expected to close within 90 days, subject to completion of definitive agreements and customary conditions.

The deal aims to combine Unnati’s B2B agri-input distribution and financing network with Gramophone’s farmer-facing advisory and commerce platform, one of the most significant consolidation moves in India’s agritech sector in recent years. Unnati recorded revenue of Rs 291 crore in FY25 with a loss of Rs 18.4 crore in the same period.