Highlights
Info Edge (India) Ltd has officially confirmed the much-discussed share swap involving its agritech portfolio company Gramophone and Unnati Agri, validating previous reports from Startup Superb regarding the merger in the digital agricultural input sector.
In a recent stock exchange announcement, Info Edge revealed that its fully owned subsidiary Startup Investments (Holding) Ltd (SIHL) has consented to transfer its complete stake in Agstack Technologies Pvt Ltd (Gramophone) to Akshamaala Solutions Pvt Ltd (Unnati) as part of the share swap strategy. Previously reported by Startup Superb, the transaction is structured as a merger-led consolidation instead of a direct cash acquisition.
Financial Breakdown of the Transaction
According to the approved structure, SIHL will allocate 339,305 shares, representing a 50.94% ownership in Gramophone on a fully diluted basis, to Unnati at a share valuation of Rs 2,702.87, amounting to a total consideration of Rs 91.7 crore. In exchange, Unnati will issue 49,145 preference shares, granting SIHL a 15.75% stake in Unnati on a fully diluted basis.
Investment and Stake Changes
Alongside the share swap, Info Edge plans to invest Rs 35 crore as a primary infusion into Unnati by subscribing to 18,756 preference shares. This investment will increase its total shareholding in Unnati to 20.53%. However, this stake is anticipated to reduce to 18.48% once all Gramophone stakeholders receive Unnati shares following the merger.
Expected Timeline for the Transaction
The deal is projected to conclude within 90 days, pending the finalisation of definitive agreements and routine conditions.
Impact on the Agritech Sector
This transaction aims to merge Unnati’s B2B agricultural input distribution and financing network with Gramophone’s farmer-centric advisory and commerce platform, marking one of the most significant consolidation events in India’s agritech landscape in recent times. For the fiscal year 2025, Unnati reported revenues of Rs 291 crore, accompanied by a loss of Rs 18.4 crore during the same period.