Mahindra & Mahindra’s Farm Equipment Sector (FES) on Monday completed the acquisition of a stake in MITRA Agro Equipments (M.I.T.R.A.) to increase its shareholding from the existing 47.33 per cent to 100 per cent, making it a wholly owned subsidiary of Mahindra.
As part of this acquisition, Mahindra fully bought out Omnivore’s stake in the business.
The company has more than tripled its revenue from FY18 to FY22 and now employs over 200 people and has successfully started exporting its products globally.
Post-acquisition by Mahindra, M.I.T.R.A plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets. Founded in 2012 by Devneet Bajaj, M.I.T.R.A is the Indian market leader in high precision orchard sprayers and a trusted brand for farmers growing fruits like grapes, pomegranate and oranges, the company said in a statement.
Omnivore, a venture capital firm that pioneered agritech investing in India, was one of its first institutional investors.