Agritech startups and agriculture sectors both saw a decline in their revenues due to the covid-19 lockdown. But essential service-based agriculture sectors like producing vegetables, fruits, etc have grown exponentially due to the surge in such items’ demand. Due to the spike in essential agriculture products, Gramophone, an essential service-oriented startup, has doubled its revenue in FY21.
Gramophone Revenue Surges
Since the Q2 of 2020, business activities are badly affected globally. The agriculture industry also recorded a downfall in its revenue except for the essential goods and services sector. Gramophone is helping the farmers at the grassroots for producing quality products. Due to the startup efforts, not only the farmers but Gramophone also earned huge revenue.
As per the financial year 2021 report, Gramophone saw a surge in its revenue to Rs 48 crore from Rs 19 crore revenue of FY2020. The revenue growth is more than doubled for the agritech startup. The information was revealed by Tauseef Khan, the co-founder of Gramophone.
Founded in 2016, Gramophone operates under the umbrella of Agstack Technologies Pvt. Ltd. The company has also attracted investors including Info Edge (India) Ltd., Siana Capital, Asha Impact, and Better Capital. Overall, the firm has raised $8 million from its investors.
Gramophone is founded by IITians and IIM Ahmedabad graduates Tauseef Ahmad Khan, Nishant Vats Mahatre, Harshit Gupta, and Ashish Rajan Singh. It not only provides better farm advisory to the farmers, but it also arranges the quality seeds and marketing infrastructure for them.
Gramophone is an Indore-based agritech startup operating in different parts of India including Madhya Pradesh and Rajasthan. The company is also on the way to start its services in Maharashtra, Uttar Pradesh, Telangana, Karnataka, and Tamil Nadu soon. At present, the startup’s online app has 8 lakh registered users.
How Gramophone Recorded More Than Double Revenue in FY2021?
At a time when startup owners are fighting for the survival of their firms, agritech startup Gramophone has surprised everyone with the growing revenue. It did not happen overnight. The startup used technology to enhance farmers’ knowledge to reach here.
Talking about the unique initiatives started by Gramophone, Tauseef Khan, the CEO, and co-founder of the startup, said:
“We are the only platform which streamlines the farming process through a data-driven, a full-stack tech platform that makes farming intelligent on a simple app, enabling farmers to grow more, save more and sell better.”
The company stays with farmers during the complete cropping cycle and also helps them to sell the crops at a better price.
Khan further added:
“This has resulted in our tremendous acceptance by the Indian farmers leading to our success.”
Talking about Gramophone’s growth further, Khan said that the startup has implemented three components based farming process and it brought a lot of positive changes in farmers’ life. Those three components are Gram Salah, Gram Uday, and Gram Vyapar.
Under Gram Salah, the startup provides agronomic intelligence-based personal advice to each farmer based on the crop category. Gram Uday’s initiative is educating farmers to apply and use technology for the betterment of the future. Under the Gram Vyapar initiative, the startup has removed the middle parties to provide a better price for the farmers’ crops. The startup has also collaborated with 150+ companies who provide essential products required by the farmers for better production.