M&M Buys 100% Stakes In Agritech Startup MITRA

The Farm Equipment Sector (FES) of Mahindra & Mahindra Ltd. completed its acquisition of MITRA Agro Equipments Private Limited (M.I.T.R.A) on 20th March by increasing its shareholding from 47.33% to 100%, making it a wholly owned subsidiary of Mahindra & Mahindra Ltd. (M&M). As part of this transaction, Mahindra purchased Omnivore's entire stake in the company.

As part of the agreement, M&M has purchased Omnivore's stake in MITRA. MITRA intends to expand its product portfolio and network in India and overseas markets as a result of this acquisition.

Interestingly, Omnivore has exited its second portfolio investment, an agritech startup. Omnivore exited aquatech startup Eruvaka in August 2022, when its stakes were purchased by Nutreco, a Dutch-based animal nutrition firm.

M.I.T.R.A, founded in 2012 by Devneet Bajaj, is the Indian market leader in high-precision orchard sprayers and a trusted brand among farmers growing grapes, pomegranates, and oranges. From FY18 to FY22, the company's revenue more than tripled, and it now employs over 200 people and has begun exporting its products globally. M.I.T.R.A. plans to expand its product portfolio and network in India and overseas markets following its acquisition by Mahindra.

"Mahindra aims to grow its farm machinery business by 10x in 5 years and is making rapid progress towards this goal," said Hemant Sikka, President of the Farm Equipment Sector, Mahindra & Mahindra Ltd. “The additional investment in M.I.T.R.A. would help Mahindra's growth and expansion into the expanding horticulture market."

"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," said Dev Bajaj, Founder of M.I.T.R.A. “I am grateful to the M.I.T.R.A. team and Omnivore for their unwavering support for the vision of improving Indian agriculture through innovation." Dev is now the Chief Strategy Officer of Dream Sports and the CEO of DreamCapital, one of India's largest CVC funds.

Meanwhile, Mark Kahn, managing partner at Omnivore, stated that MITRA's technology will now be available to horticulturists across India through M&M's extensive dealer network. Omnivore was MITRA's first institutional investor.

M&M's farm segment achieved its highest-ever Q3 volume of 104,900 units, up 14% year on year.

Mahindra is ushering in a second revolution in farm mechanization across crop cycles in India. Mahindra is on a mission to identify and adapt innovations relevant to improving Indian agriculture by establishing three global technology Centers of Excellence in Japan, Finland, and Turkey.

-Mahindra Press Release 

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