startup funding

Info Edge Invests ₹14 Cr in Agritech Startup Gramophone and ₹6 Cr in ShoeKonnect

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    Info Edge (India) Ltd, the parent firm of Naukri.com and 99acres.com, has invested additional capital in its existing portfolio companies — Agstack Technologies (Gramophone) and ShoeKonnect.

    While Indore-based Agstack Technologies, which operates online marketplace for farmers Gramophone, has secured ₹ 14 crore, Agra-based Bizcrum Infotech, which owns & operates ShoeKonnect, a B2B mobile app for Footwear Industry, has secured ₹ 6 crore.

    For Gramophone, Info Edge has acquired 32,339 – 0.01 % Compulsorily Convertible Preference Shares having a face value of ₹ 10 each at a premium of ₹ 4,319.03. Post this investment, Info Edge’s aggregate shareholding in Gramophone would be 37.21% on fully converted & diluted basis.

    Started by IIT Kharagpur graduates, Gramophone is a technology enabled marketplace (as a website www.gramophone.in and mobile app ‘Gramophone’) for enabling efficient farm management by providing information to farmers and sell agricultural products as well.

    For ShoeKonnect, Info Edge has acquired 60,00,000 at 0.01% Compulsorily Convertible Preference Shares having a face value of ₹ 10 each. The aggregate shareholding of Info Edge post this investment would be 29.79% on a fully converted and diluted basis.

    ShoeKonnect aids footwear brands, manufacturers, wholesalers and retailers to connect, communicate and transact for conducting and expanding their business. The platform facilitates catalogue/inventory uploading, order placement, order receipt, delivery scheduling and payment management amongst manufacturers, wholesalers and retailers. It had a turnover of ₹ 36.8 lakhs in 2017-18.

    The startup had earlier raised ₹ 3 crore in April last year, which too was from Info Edge. Prior to that, it had raised undisclosed amount in seed funding from Indian Angel Network, in October 2016

    Info Edge believes this strategic investment will enable the company to consolidate its presence in the aforesaid line of business within the Internet Services Industry.

    To recall, besides ShoeKonnect, an another Indore-headquartered B2B e-commerce startup ShopKirana had raised $2 million in funding from Info Edge in December last year. Japan’s AET Fund, Akatsuki and Incubate Fund and Better Capital AngelList syndicate also contributed.

    Source – Business Standard, Deal Street Investment journal

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    Vardaan
    Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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