Mahindra and Mahindra has announced acquiring a 26 per cent equity stake in M.I.T.R.A. Agro Equipments, a Maharashtra-based AgTech company (MITRA). Funded by venture capitalist firm Omnivore, MITRA a.k.a. Machines, Information, Technology, Resources for Agriculture, designs, develops, and manufactures Air Blast Sprayers, Boom Sprayers, Dusters, and Potato Harvesters. Now, with this new acquisition, Mahindra has finally made an entry into the sprayers business as well, under the aegis of its Farm Equipment Sector. According to Mahindra, the transaction is expected to close by February 2018.
Commenting on the company’s latest acquisition, Rajesh Jejurikar, President, Farm Equipment Sector, Mahindra & Mahindra said, “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”.
M.I.T.R.A. Agro Equipments was founded in 2012 by Devneet Bajaj, a Principal at a private equity firm in the US. Primarily makers of proprietary agriculture machinery for horticulture farmers, since 2014, MITRA has been backed by Omnivore, an impact venture fund focused on food and agriculture. Now, this new association with Mahindra will help MITRA accelerate its growth in the market. Commenting on their new partnership with Mahindra, Devneet Bajaj, said, “Five years ago, we had a simple vision to bring advanced technology critical for India’s horticultural growers. We have realized 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”.
MITRA’s existing shareholders will continue to be shareholders in the company after Mahindra’s investment.
Source by ndtv…