Mahindra acquires another company, aims to increase agriculture machinery business by 10 times.
New Delhi: Anand Mahindra-led Mahindra & Mahindra has bought another company. Mahindra & Mahindra Limited has decided to increase its stake in Mitra Agro Equipments Private Limited (MITRA) of farm equipment sector. Mahindra has signed documents on Monday to increase its stake from 47.33% to 100%. Post this acquisition, Mahindra has completely bought out Omnivore’s stake in the business. This is the second big exit in agritech funds in a little over six months. In August 2022, Omnivore sold its stake to Netherlands-based Nutraco. He was then exited by Aquatech startup Iruwaka. MITRA specializes in manufacturing agricultural manufacturing equipment. It is a trusted brand for farmers growing fruits like grapes, pomegranate and oranges.
The company made tremendous earnings
The company has more than tripled its revenue from FY18 to FY22. The company employs more than 200 people and has successfully started exporting its products globally. After the acquisition by Mahindra, Mitra plans to accelerate the expansion of its product portfolio along with its network in India and overseas markets. The new acquisition will help Mahindra expand its reach in the agriculture equipment space. Because MITRA’s specialty is in making agriculture manufacturing equipment. According to Dev Bajaj, founder of MITRA, he is thankful to the MITRA team and Omnivore for strongly driving forward the vision of reforming Indian agriculture. According to him, the journey from MITRA to M&M has been a satisfying one.
Farmers will get the benefit of modern technology
Ten years ago, Dev started the business with a vision for the future development of the Indian startup ecosystem, according to Mark Kahn, managing partner of Omnivore. MITRA. Through Mahindra’s large dealer network, the company’s cutting-edge technology will now be available to horticulture farmers across India. As the first institutional investor in a startup, it is time for Omnivore and agritech in India to be proud.
According to Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd., Mahindra aims to grow its farm machinery business by 10 times in 5 years. Mahindra is making rapid progress towards achieving this goal.
