Mahindra & Mahindra takes 100% of MITRA Agro Equipments

Mahindra & Mahindra (M&M) said that its Farm Equipment Sector (FES) division has wrapped up the previously announced deal to take full ownership of MITRA Agro Equipments (M.I.T.R.A) by acquiring the remaining 53.67% held by Omnivore.

MITRA Agro Equipments has now become a fully-owned subsidiary of Mahindra & Mahindra (M&M).

Hemant Sikka — Mahindra & Mahindra President of the Farm Equipment Sector said: “Mahindra aims to grow its farm machinery business by 10x in 5 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.”

Established in 2012 by Devneet Bajaj, MITRA Agro Equipments is among the leading manufacturers of high-precision orchard sprayers in India. It is a well-known brand that farmers can trust to grow fruits such as citrus, grapes, and pomegranate, said Mahindra & Mahindra.

MITRA Agro Equipments is said to have nearly tripled its revenues from FY18 to FY22. It has a workforce of over 200 and has begun exporting its products internationally.

Under the sole ownership of Mahindra & Mahindra, MITRA Agro Equipments plans to expand its product range and network in India and in international markets.

MITRA Agro Equipments was an early participant into the nascent Indian Agritech startup ecosystem. Omnivore is a venture capital firm which is said to have pioneered the concept of agritech investment in India and was one of the first institutional investors of MITRA Agro Equipments.

Mark Kahn — Omnivore Managing Partner said: “Ten years ago, Dev 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.”

MITRA Agro Equipments is aware of the needs and aspirations of farmers and has developed machines to automatize labor-intensive farming jobs, and to save resources, stated Mahindra & Mahindra.