Mahindra 100% Acquired Balance Stake In Agritech Startup MITRA

Mahindra & Mahindra's Farm Equipment Sector (F.E.S.) completed its acquisition of M.I.T.R.A. today by increasing shareholding from 47.33% to 100%. Thereby, M.I.T.R.A. is now a wholly-owned subsidiary of M&M. As part of the acquisition, Mahindra also bought Omnivore's stake in the business. 

Notably, the agritech startup is the second-in-line portfolio investment that Omnivore has exited. Previously, in August 2022, Omnivore left aquatech startup Eruvaka, whose stakes were bought by the Dutch-based company Nutreco.

About M.I.T.R.A

Founded by Devneet Bajaj in 2012, M.I.T.R.A. is the leading market player in India in agri-based spraying machines for horticulture crops like grapes, pomegranates, and oranges. The company has so far increased its revenue 3 times from FY18 to FY22. M.I.T.R.A after acquisition is planning to increase its product portfolio, follow by key network in India and in international markets.

Commenting on the acquisition, Devneet Bajaj, Founder of M.I.T.R.A., quoted, "After eleven years of building a passionate team, with over ten innovative products, and an absolute rural sales strategy, the journey of M.I.T.R.A. to Mahindra is gratifying".

"I am grateful to the M.I.T.R.A. team and Omnivore for sincerely backing the idea of improving Indian agriculture with innovation and technology," Bajaj added.

Mark Kahn, Managing Partner, Omnivore, emphasised, "Ten years ago, Devneet traded the American dream for a future creating the Indian startup ecosystem, starting with M.I.T.R.A. Through Mahindra's expansive dealer network, M.I.T.R.A.'s innovative technology will now be available to Indian horticulture farmers. As the first institutional investor in this domain, this is a proud moment for both Omnivore and the entire agritech sector in India."

Hemant Sikka, President of Mahindra's Farm Equipment Sector, underlined the company's aim of growing the farm machinery business by 10 times in the upcoming 5 years and quoted, "The additional share purchase in M.I.T.R.A. would assist Mahindra's growth and expansion into the growing agritech market place."

Mahindra & Mahindra is trying to mechanise Indian farmlands throughout crop cycles by establishing three global technology powerhouses in Japan, Finland and Turkiye. Mahindra is ushering to identify and adapt innovations that would contribute to India's farming sector.

With a presence in over 50 countries worldwide, Mahindra Farm Equipment Sector is consistently working towards meeting the changing demands in India's agricultural landscape. 

For more such updates on Mahindra & Mahindra, stay tuned with TractorJunction news!
 

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