M & M buys 53% more stake in M.I.T.R.A

21 Mar 2023 , 11:41 AM

Mahindra & Mahindra Ltd has finalized the acquisition of MITRA Agro Equipments Private Limited (M.I.T.R.A), increasing its ownership from 47.33% to 100%, thereby transforming it into a wholly owned subsidiary of M&M.

In the process of this acquisition, Mahindra has fully acquired Omnivore’s stake in the company.

Established in 2012 by Devneet Bajaj, M.I.T.R.A is recognized as the top player in the Indian market for high precision orchard sprayers, earning the trust of farmers growing fruits such as grapes, pomegranates, and oranges.

From FY18 to FY22, the company’s revenue has more than tripled, and it now has over 200 employees, with successful product exports worldwide. Following Mahindra’s acquisition, M.I.T.R.A aims to expedite its product portfolio expansion and bolster its network in both domestic and foreign markets.

M.I.T.R.A was among the first Indian agri-tech startups to enter the scene. As a pioneer in agritech investment in India, Omnivore was one of its initial institutional investors. M.I.T.R.A comprehended the desires and requirements of farmers and developed machines that automated laborious farm tasks while also conserving resources.

Mahindra is leading a second mechanization revolution in India’s farmlands throughout the crop cycle. Through the establishment of three international technology Centers of Excellence in Japan, Finland, and Turkey, Mahindra is committed to identifying and implementing advancements that are essential to improving Indian agriculture.

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