M&M to Acquire Agritech Startup MITRA


Mahindra & Mahindra announced the complete acquisition of MITRA Agro Equipments Pvt Ltd for an undisclosed sum. The Farm Equipment Sector (FES) of the corporation has increased its interest in MITRA Agro Equipments Pvt Ltd (M.I.T.R.A) to 100% from 47.33% before.

Mahindra has fully acquired Omnivore’s interest in the company as part of the purchase.
Yet, no financial information was provided by the company.

“Mahindra plans to more than double its farm machinery industry in five years and is making good progress towards that target. The new stake purchase in M.I.T.R.A would contribute to Mahindra’s growth and expansion into the expanding horticulture sector.
M.I.T.R.A, founded in 2012 by Devneet Bajaj, is a market leader in high precision orchard sprayers, a brand for farmers growing fruits such as grapes.

From FY18 to FY22, the company’s sales more than tripled, and it currently employs over 200 people and has begun exporting its products abroad.

MITRA intends to grow its product line and network in India and global markets as a result of this purchase.

Curiously, Omnivore has departed its second portfolio venture, an agritech business. Omnivore abandoned aquatech startup Eruvaka in August 2022, when its stakes were purchased by Nutreco, a Dutch-based animal feed corporation.

The business says that its revenue would have increased threefold in fiscal year 2022. According to the firm, it employs over 200 people and has begun exporting items around the world.

Bajaj, the startup’s founder, is currently the chief strategy officer of Dream Sports as well as the CEO of the CVC fund Dream Capital.