Mahindra & Mahindra’s Farm Equipment division (FES) bought out Omnivore’s stake in MITRA Agro Equipments (M.I.T.R.A) to increase its shareholding to 100 per cent from the existing 47.33 per cent, making it a wholly-owned subsidiary of M&M.
This marks Omnivore, the agritech fund’s second exit in a little over six months. In August 2022, Omnivore exited aquatech startup Eruvaka after selling its stakes to Netherlands-based Nutreco.
M.I.T.R.A plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets after the acquisition by Mahindra
Founded in 2012 by Devneet Bajaj, M.I.T.R.A is a player in high precision orchard sprayers and an early entrant in the then-nascent Indian agritech startup ecosystem. Omnivore, a venture capital firm that pioneered agritech investing in India, was one of its first institutional investors.
Dev Bajaj, Founder of M.I.T.R.A, said, “After eleven years of building a passionate team, more than ten innovative products, and a radical rural sales strategy, the journey of exiting M.I.T.R.A to M&M is gratifying.”
Mark Kahn, Managing Partner, Omnivore, said, “Through Mahindra’s expansive dealer network, M.I.T.R.A’s cutting-edge technology will now be accessible to horticulture farmers across India. As the first institutional investor in the startup, this is a very proud moment for Omnivore and for agritech in India.”
Hemant Sikka, President of the Farm Equipment Sector, Mahindra & Mahindra said, “The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market.”
Mahindra has established three global technology Centers of Excellence in Japan, Finland & Turkey, Mahindra to add pace to innovations relevant to bettering Indian agriculture.