• Unnati Agri in final talks to acquire Gramophone in share swap deal
• Merger to create one of India’s largest agri-input platforms
• Combined entity to leverage Unnati’s B2B strength and Gramophone’s farmer network

Agri-tech platform Unnati Agri is reportedly close to finalizing a share swap acquisition of Gramophone, its peer in the agri-input space, according to sources familiar with the matter. The deal, once completed, will create one of India’s largest agri-input companies, combining strong B2B and B2C capabilities.

Sources indicate that the share swap ratio will be based on the revenue and business scale of both companies. Gramophone is expected to hold about 30-35% stake in the merged entity, while the rest will belong to Unnati. Though structured as a merger, both firms are likely to operate independently under a combined framework.

For Unnati, this move follows a year of brand consolidation and margin improvement after scaling down third-party operations. The company reported input ARR of Rs 375 crore for FY26 and maintains margins of 30-35%. It clocked over Rs 500 crore in FY24 revenue.

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Meanwhile, Gramophone, backed by Info Edge and Z3 Partners, shifted focus to agri inputs after exiting its output business due to weak margins. The pivot helped the company stabilize, reaching an ARR of Rs 150 crore for FY26 despite earlier declines in GMV.

The merger would combine Unnati’s B2B strength with Gramophone’s direct farmer network, extending reach across Haryana, Maharashtra, Telangana, Rajasthan, and Madhya Pradesh. Post-merger, the joint entity plans to raise fresh capital and explore further acquisitions.