Naukri.com parent Info Edge clears Gramophone stake transfer to Unnati, approves Rs 35 crore investment

Naukri.com parent company Info Edge (India) Ltd has confirmed the consolidation of its agritech portfolio company Agstack Technologies Pvt Ltd, which operates under the Gramophone brand, with Akshamaala Solutions Pvt Ltd, known as Unnati, through a structured share swap and capital infusion.

In a stock exchange disclosure, the company said its wholly owned subsidiary, Startup Investments (Holding) Ltd (SIHL), has agreed to transfer its entire stake in Gramophone to Unnati, alongside a fresh primary investment in the latter. The transaction was approved by the Board of Directors at a meeting held on January 3, 2026, based on the recommendation of the Audit Committee.

SIHL currently holds a 39.58% stake in Gramophone. This holding will increase to 50.94% on a fully converted and diluted basis prior to the transfer, due to valuation adjustments linked to an exit event at Gramophone, temporarily making it a subsidiary of SIHL.

SIHL will then transfer 339,305 shares, representing 50.94% of Gramophone on a fully diluted basis, to Unnati at a valuation of Rs 2,702.87 per share. The aggregate consideration for the transfer is Rs 91.71 crore.

In exchange, Unnati will issue and allot 49,145 preference shares to SIHL, valued at Rs 18,661 per share, giving SIHL a 15.75% stake in Unnati on a fully diluted basis. Following the completion of the transaction, Gramophone will cease to be a subsidiary of SIHL.

Alongside the share swap, SIHL will invest approximately Rs 35 crore in Unnati through a primary infusion, subscribing to 18,756 preference shares. This will take SIHL’s aggregate shareholding in Unnati to 20.53% on a fully diluted basis.

The stake is expected to dilute to 18.48% once all other Gramophone shareholders receive Unnati shares pursuant to the proposed merger of the two entities. Until the completion of the merger and as long as SIHL holds more than 20% in Unnati, the company will be treated as an associate of SIHL.

The transaction is subject to the execution of definitive agreements and completion of customary conditions precedent, with an expected closing timeline of 90 days from the date of signing, extendable by mutual consent.

As of March 31, 2025, Gramophone reported turnover and revenue of Rs 66.89 crore, contributing about 2.5% to the consolidated turnover of the listed entity, and income of Rs 71.05 crore. Its net worth stood at Rs 8.10 crore. Unnati, meanwhile, reported turnover of Rs 291.37 crore in FY25, a loss of Rs 18.42 crore, and net worth of Rs 65.8 crore.

Unnati operates a fintech-led digital agribusiness platform focused on agri-input distribution, aggregation and financing, while Gramophone runs a farmer-facing advisory and commerce platform. The merger is aimed at combining Unnati’s B2B distribution and credit network with Gramophone’s technology-driven advisory and commerce capabilities, marking one of the more significant consolidation moves in India’s digital agriculture sector in recent years.

Info Edge said the transaction does not qualify as a related party transaction and does not require any governmental or regulatory approvals.