Mahindra & Mahindra (M&M) today said it has incorporated its agricultural equipment rental services arm Trringo.com as a wholly-owned subsidiary.
"Trringo.com is incorporated as a wholly-owned subsidiary of Mahindra & Mahindra with an initial subscription of 50,000 shares of Rs 10 each aggregating Rs 5 lakh," the Mumbai-based utility vehicle major said in a regulatory filing.
An organised farm equipment rental service through a franchise-based model using new-age digital technology, Trringo-com was incorporated on May 23.
Its operations will be initially limited to India.
Trringo will use a proprietary digital platform as an enabler to process orders and pass them on to the nearest franchisee through location-based mapping.
Franchisee could also tie up with tractor owners in the vicinity enabling them to rent out equipment to farmers on a commission basis.
Besides, large farmers who own expensive, high-end equipment can rent out their assets, optimising utilisation based on seasonality, cutting across geographies.
The stock was trading at Rs 1,291.30 on BSE, up 0.38 per cent from its previous close.