National (21/03/2023): Mahindra & Mahindra (M&M) increased its stake from 47.33% to 100% after signing final deals with agritech startup MITRA. MITRA is now a fully owned division of M&M. M&M has acquired the startup’s share from Omnivore, who had backed MITRA, as part of the agreement.
With this acquisition, MITRA hopes to increase the variety of its products and broaden its network in both domestic and international marketplaces.
Devneet Bajaj founded MITRA in 2012, a manufacturer of agricultural spraying equipment for horticulture products. Its spraying equipment includes air blast sprayers, boom sprayers, small tractor sprayer pumps, and sprayers for orchards and vineyards.
The startup says that its revenue increased by 3X in the fiscal year 2022. The startup claims that it employs more than 200 people and that it has started shipping goods around the world.
Hemant Sikka, President of the Farm equipment sector of Mahindra and Mahindra Pvt. Limited 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.”
