Info Edge (India) Ltd, the parent company of Naukri.com, has approved a major restructuring of its agritech investments by consolidating Gramophone with Unnati through a share swap and fresh capital infusion.
The decision was approved by the company’s Board of Directors on January 3, 2026, following a recommendation from its Audit Committee, according to a stock exchange filing.
How the Deal Is Structured
Stake Transfer Through Subsidiary
Info Edge’s wholly owned subsidiary, Startup Investments (Holding) Ltd (SIHL), will transfer its entire stake in Agstack Technologies Pvt Ltd, which operates the Gramophone platform, to Akshamaala Solutions Pvt Ltd, also known as Unnati.
Before the transfer, SIHL’s stake in Gramophone will rise from 39.58% to 50.94% due to valuation adjustments tied to an exit event, briefly making Gramophone a subsidiary of SIHL.
Valuation and Share Swap Details
Gramophone Valued at Rs 91.71 Crore
SIHL will transfer 339,305 shares of Gramophone to Unnati at a price of Rs 2,702.87 per share, valuing the transaction at Rs 91.71 crore.
In return, Unnati will issue 49,145 preference shares to SIHL at Rs 18,661 per share, giving SIHL a 15.75% stake in Unnati on a fully diluted basis.
Once the transfer is complete, Gramophone will no longer be a subsidiary of SIHL.
Fresh Rs 35 Crore Investment in Unnati
Info Edge Increases Exposure
Alongside the share swap, SIHL will make a primary investment of around Rs 35 crore in Unnati by subscribing to 18,756 preference shares.
This additional investment will raise SIHL’s total stake in Unnati to 20.53% on a fully diluted basis.
What Happens After the Merger?
Stake Dilution Expected
SIHL’s holding in Unnati is expected to dilute to 18.48% once Unnati issues shares to other Gramophone shareholders as part of the proposed merger.
Until the merger is completed—and as long as SIHL holds more than 20%—Unnati will be treated as an associate company of SIHL.
Why This Matters
The move signals Info Edge’s long-term commitment to the agritech sector, aiming to create scale and synergies by combining Gramophone’s technology platform with Unnati’s agricultural ecosystem.
The consolidation is expected to strengthen Info Edge’s position in India’s growing digital agriculture market.
