Companies

Mahindra arm invests $4 m in Swiss farm tech firm Gamaya

Our Bureau | | Updated on: Jun 14, 2019

Mahindra & Mahindra’s Farm Equipment Sector (FES) on Friday announced an investment of CHF 4.3 million ($4.3 million) for an 11.25 per cent stake in Switzerland-based agri technology firm Gamaya SA.

Through this investment, M&M will make superior farming solutions easily accessible to the global farming community, in line with its Farming 3.0 strategy, it said in a release.

“We at Mahindra are investing in future-ready technologies to provide complete solutions to the global farming community. Our strategic association with Gamaya will enable us to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies. With this partnership, we expect to set new benchmarks in farming and its related services,” said Rajesh Jejurikar, President, FES, M&M.

The investment will be made through a subscription to 300 common shares and 30,469 Series B preferred shares of Gamaya. ICOS Capital, VI Partners and some existing investors also participated in the CHF 7.5-million Series B funding round.

“Agriculture is a complex industry that is undergoing rapid transformation towards efficiency and sustainability. We are excited to have Mahindra as an investor and strategic partner to help Gamaya bring the benefits of advanced technology, including hyperspectral imaging and machine learning, to both industrial farmers and small holders around the world,” said Yosef Akhtman, co-founder and CEO of Gamaya.

Incorporated in 2015, Gamaya is focussed on providing crop-specific technology solutions. It has capabilities in hyperspectral imagery analytics, artificial intelligence and machine learning, which captures and interprets imagery to give farmers information about the state of their fields and crops. The company operates in Brazil and has several ongoing development activities in India, Ukraine and a few other countries.

Published on June 14, 2019
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