Following the acquisition, MITRA is now a wholly-owned subsidiary of Mahindra & Mahindra (M&M)
As part of the deal, M&M has bought out MITRA’s backer Omnivore’s stake in the startup
MITRA plans to scale its product portfolio and expand network in India and overseas markets
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Mahindra & Mahindra (M&M) has inked definitive agreements with agritech startup MITRA, increasing its stake from 47.33% to 100%. Thereby, MITRA is now a wholly-owned subsidiary of M&M.
As part of the deal, M&M has bought out MITRA’s backer Omnivore’s stake in the startup.
With this acquisition, MITRA plans to scale its product portfolio and expand network in India and overseas markets.
Interestingly, the agritech startup is the second portfolio investment that Omnivore has exited. In August 2022, Omnivore exited aquatech startup Eruvaka, whose stakes were bought out by Netherlands-based animal nutrition firm Nutreco.
Founded in 2012 by Devneet Bajaj, MITRA makes agri-based spraying machines for horticulture crops. Some of its spraying machines include orchard, vineyard, boom sprayer, mini tractor sprayer pump and air blast sprayers.
The startup claims to have witnessed a 3X rise in its revenue in the financial year 2022. According to the startup, it operates with more than 200 employees and has begun exporting products across the globe as well.
“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. I am thankful to the M.I.T.R.A team and Omnivore for staunchly backing the vision of improving Indian agriculture with innovation,” said Dev Bajaj, founder, MITRA.
The startup’s founder Bajaj is currently the chief strategy officer of Dream Sports and also, heading CVC fund Dream Capital.
Crunchbase data shows the startup has raised more than $5 Mn funding from different investors to date.
“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,” said, Hemant Sikka, president of the Farm Equipment Sector, Mahindra & Mahindra Ltd.
In India, MITRA competes with the likes of Krishispray, Sreevatsa Agchamp and Masand Agro.
As per an Inc42 report, the Indian agritech startups have collectively raised about $2 Bn between January 2014 and June 2022. The sector is anticipated to grow to $24 Bn space by 2025.
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