SUMMARY
- Gramophone has reported a 69% decline in its gross revenue (GMV) to Rs 98 crore in FY24 from Rs 316 crore in FY23.
- Its total expenses stood at Rs 133 crore in FY24, a 64% decline from Rs 374 crore in FY23.
- Gramophone’s losses dropped by 41% to Rs 34 crore in FY24 from Rs 58 crore in FY23.
Agritech startup Gramophone has reported a 69% decline in its gross revenue (GMV) to Rs 98 crore in FY24 from Rs 316 crore in FY23, as per its financial results accessed from the Registrar of Companies.
Founded in 2016, Gramophone offers a range of agricultural services, including crop protection, nutrition, seeds, equipment, and hardware. The company claims to serve 50,000 villages and works with over 2 million farmers and retailers.
Agri-input sale was the primary source of revenue for the InfoEdge-backed company.
The company’s cost of procurement of agri-inputs was its largest expense, accounting for 68% of its overall expenditure. In FY24, this cost declined 70% to Rs 90 crore from Rs 304 crore in FY23. Gramophone’s employee benefits, packaging, advertising, and other operating overheads totaled Rs 133 crore in FY24, a 64% decline from Rs 374 crore in FY23.
Gramophone’s losses dropped by 41% to Rs 34 crore in FY24 from Rs 58 crore in FY23. The company’s ROCE and EBITDA margin worsened to -246% and -31%, respectively. On a unit level, Gramophone spent Rs 1.36 to earn a rupee in FY24.
As of FY24, Gramophone had total current assets of Rs 20 crore, including cash and bank balances of Rs 5.5 crore. The company has secured over $20 million in funding to date, including a $10 million Series B round led by Z3 Partners. Info Edge remains the largest external stakeholder, holding a 32.89% stake in the company, followed by Z3 Partners and Siana Capital.
