Mahindra & Mahindra Farm Equipment Sector (FES) today signed definitive documents in MITRA Agro Equipments (M.I.T.R.A). The move comes as an attempt to increase Mahindra shareholding from 47.33 per cent to 100 per cent, thus marking it a wholly owned subsidiary of Mahindra & Mahindra (M&M).
The part of this acquisition highlights Mahindra buying Omnivore’s full stake in the business.
This underlines the agritech fund's second exit in a little over six months. Earlier In August 2022, Omnivore exited aquatech startup Eruvaka, after selling its stakes to Netherlands-based Nutreco.
Commenting on the acquisition, Dev Bajaj, Founder of M.I.T.R.A, 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 added.
Mark Kahn, Managing Partner, Omnivore, emphasised, “Ten years ago, Dev traded the American dream for a future building the Indian startup 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 startup, this is a very proud moment for Omnivore and for agritech in India.”
Further, Hemant Sikka, President of the Farm Equipment Sector, Mahindra & Mahindra underlined the company’s aim of growing the farm machinery business by 10 times in the coming 5 years and its rapid progress for the same.
"The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market”, Sikka added.
Founded in 2012, M.I.T.R.A is the Indian market leader in high-precision orchard sprayers and a trusted brand for farmers growing fruits especially, grapes, pomegranates and oranges.