M&M acquires 26% stake in Omnivore-backed MITRA

31 Jan 2018

strengthening its presence in the agritech business,Mahindra & Mahindra Ltd (M&M Ltd) has acquired a 26-per cent equity stake in MITRA Agro Equipments Pvt Ltd, a Maharashtra-based AgTech company (MITRA).

M&M is firming up its entry into the sprayers segment of grotech products, through its Farm Equipment Sector division.

Under the transaction, which is expected to close by February 2018, M&M will acquire the equity stake through a fresh infusion of capital into the company. The association with Mahindra will help accelerate the growth of MITRA, which designs and manufactures proprietary sprayers for horticulture crops.

"Our partnership with MITRA will enable us to provide a complete spraying solution for orchard and vineyard farmers. In combination with Mahindra tractors, MITRA's automatic sprayers will provide unmatched performance and economy and further enhance our presence in the farm implement space,'' said Rajesh Jejurikar, president, farm equipment sector at M&M.

Devneet Bajaj founded MITRA in 2012 after working as a principal at a private equity firm in the US and completing an MBA from INSEAD. Omnivore, an impact venture fund focused on food and agriculture, has invested in MITRA since 2014. MITRA's existing shareholders will continue to be shareholders in the company after Mahindra's investment.

"Five years ago, we had a simple vision to bring advanced technology critical for India's horticultural growers," Bajaj, founder and CEO, MITRA, said.

"We have realised that vision in some key states. Now, we are looking forward to partner with Mahindra to scale up MITRA's operations across India and in relevant export markets, he added''