Trringo is an organized rental service and the M&M group plans to invest over Rs 10 crore on the startup enterprise.The firm intends to enter five states in the current year. According to reports the size of the tractor hiring market to be about Rs.15,000 crore per annum.
The venture Trringo will operate on a franchisee-based model where it will provide new tractors and equipment that will rented out by its partners. It will also bring in digital technology to the tractor rental business. The company is planning to set up 80 franchises and 160 hubs for operations.
Reports suggest that Trringo is also working on coming up with another business model that will allow connecting large farmers who own expensive equipment, which could be rented out to smaller farmers based on seasonality. Trringo said it would connect the asset owner and the user through the app.
The firm will commence operations in June 2016 and will have full control over the rental rates through the app. The rates may vary. For different engagements there will be different rental rates
Just last year the company announced the creation of an online platform called SmartShift that connects cargo owners and transporters. It is one of several startups that the company plans to launch, as it seeks to tap the burgeoning e-commerce space.
Mahindra and Mahindra Limited (M&M) is an Indian multinational automobile manufacturing corporation headquartered in Mumbai. It is one of the largest vehicle manufacturers by production in Indiaand the largest manufacturer of tractors across the world.