Mahindra & Mahindra Ltd’s Farm Equipment Sector (FES) division signed definitive documents on Monday to increase its shareholding in MITRA Agro Equipments Private Limited (M.I.T.R.A) from the existing 47.33 per cent to 100 per cent, making it a wholly owned subsidiary.
As part of this acquisition, Mahindra fully bought Omnivore’s stake in the business, said a statement. Omnivore is a venture capital firm that pioneered agritech investing in India and was one of M.I.T.R.A’s first institutional investors.
Mahindra’s purchase marks the agritech fund’s second exit in a little over six months.
Hemant Sikka, President of FES, Mahindra & Mahindra Ltd said, “Mahindra aims to grow its farm machinery business by 10x in five years and is making rapid progress towards achieving this goal. The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market.”
Mahindra is ushering in a second revolution in mechanising India’s farmlands across crop cycles. By establishing three global technology Centers of Excellence in Japan, Finland and Turkey, Mahindra is on a mission to identify and adapt innovations relevant to bettering Indian agriculture, the company said.
Expanding product portfolio
Post-acquisition by Mahindra, M.I.T.R.A plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets.
Founded in 2012 by Devneet Bajaj, M.I.T.R.A is the Indian market leader in high-precision orchard sprayers and a trusted brand for farmers growing fruits like grapes, pomegranates, and oranges. The company has more than tripled its revenue from FY18 to FY22 and now employs over 200 people and has started exporting its products globally.
Bajaj said, “After eleven years of building a passionate team, more than ten innovative products, and a radical rural sales strategy, the journey of exiting M.I.T.R.A to M&M is gratifying. I am thankful to the M.I.T.R.A team and Omnivore for staunchly backing the vision of improving Indian agriculture with innovation.”
Bajaj is now the Chief Strategy Officer of Dream Sports and heads one of India’s largest CVC funds, DreamCapital.
Mark Kahn, Managing Partner, Omnivore said, “Ten years ago, Bajaj traded the American dream for a future building the Indian start-up ecosystem, starting with M.I.T.R.A. Through Mahindra’s expansive dealer network, M.I.T.R.A’s cutting-edge technology will now be accessible to horticulture farmers across India. As the first institutional investor in the start-up, this is a very proud moment for Omnivore and for agritech in India.”