Agritech startup Gramophone, operated by Agstack Technologies Pvt. Ltd, on Wednesday announced its employee stock ownership plan (ESOP) buyback worth $2 million (around Rs 15 crore).
In this process, the platform said it will be offering liquidity to its key team members and angel investors.
Gramophone claimed its revenues have jumped ten-fold last year, with now at an annual recurring revenue (ARR) of Rs 400 crore and a target of Rs 1,000 crore in the next 12 months. It also plans to expand its product and technical teams as well.
“At Gramophone, we have built a very strong team which is evident from the fact that more than 90% of our early-stage employees are still with the company and some who had left have come back to join us again. Through this sale, we are excited to provide liquidity to our early believers who have worked incredibly hard to turn our vision to build a strong farmer-first brand into reality.
“We have planned ESOPs for every level of employees right from the on-ground farmer relationship team to senior management,” said Tauseef Khan, Co-Founder and CEO at Gramophone.
Gramophone started as an agronomy-led, agri-input commerce company in 2016 by IIT-Kharagpur and IIM-Ahmedabad alumni Nishant Mahatre and Tauseef Khan. Both founders had stints in agri-tech companies and venture capital funds before starting Gramophone.
The company provides agronomy services and input and output products in Madhya Pradesh, Chhattisgarh, Maharashtra and Rajasthan by way of an ecommerce marketplace.
Till date the platform has raised $20 million from Info Edge, Asha Impact, Siana Capital, Z3 Partners, along with new investors Amit Sharma from erstwhile Sunrise Group, Sumeet Kanwar from Verity, and Chona Family Office of Havmor Group.
In October 2021, Gramophone raised $10 million led by Z3Partners. The startup had in May 2017 raised $1.5 million in angel funding from a clutch of individual investors. In December 2020, it raised $3.4 million led by Siana Capital.
In the past months, Indian startups have been exploring creative ways to hire—and retain—staff, including expanding their ESOPs, as they battle each other and more established companies for talent. The startups have also been more agile in conducting ESOP buyback programmes.
