Info Edge (India) Ltd has formally confirmed the merger of its agritech portfolio company Gramophone with Unnati Agri, marking a major consolidation move in India’s fast evolving agritech sector. The transaction will see Info Edge emerge as a significant minority shareholder in the merged entity.
In a regulatory filing on Saturday, Info Edge said its wholly owned subsidiary, Startup Investments (Holding) Ltd (SIHL), has entered into a share swap arrangement to transfer its entire stake in Agstack Technologies Pvt Ltd, which operates Gramophone, to Akshamaala Solutions Pvt Ltd, the parent company of Unnati Agri.
Under the approved structure, SIHL will transfer 3,39,305 shares, representing a 50.94% stake in Gramophone on a fully diluted basis, to Unnati at a valuation of ₹2,702.87 per share. The transaction values the stake at ₹91.7 crore. In return, Unnati will issue 49,145 preference shares to SIHL, giving Info Edge a 15.75% stake in Unnati on a fully diluted basis.
In addition to the share swap, Info Edge will make a primary investment of ₹35 crore in Unnati by subscribing to 18,756 preference shares. This infusion will raise Info Edge’s aggregate holding in Unnati to 20.53%, which is expected to dilute to 18.48% after the issuance of shares to other Gramophone shareholders as part of the merger process.
The transaction is expected to be completed within 90 days, subject to definitive agreements and customary regulatory and closing conditions.
The merger aims to combine Unnati’s B2B agri-input distribution, supply chain and financing network with Gramophone’s farmer-facing digital advisory and commerce platform. The consolidation is expected to create a more integrated agritech ecosystem, spanning advisory, inputs, credit and distribution.
Unnati reported revenue of ₹291 crore in FY25, while posting a loss of ₹18.4 crore, underscoring the capital intensive nature of scaling agritech platforms in India.
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