M&M acquires a 100% stake in the startup MITRA.

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

Mahindra & Mahindra's Farm Equipment division (FES) purchased Omnivore's part in MITRA Agro Equipments (M.I.T.R.A.) to expand its shareholding to 100% from 47.33%, transforming it into a wholly-owned subsidiary of M&M.

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

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

Devneet Bajaj founded M.I.T.R.A in 2012 as a player in high-precision orchard sprayers and an early entrant in the then-nascent Indian agritech startup environment. Omnivore is a firm that pioneered agritech investing in India.

"After eleven years of establishing a dedicated workforce, more than ten creative products, and a radical rural sales strategy, the process of exiting M.I.T.R.A to M&M is rewarding," stated Dev Bajaj, Founder of M.I.T.R.A.

"With Mahindra's large dealer network, M.I.T.R.A's cutting-edge technology will now be accessible to horticulture farmers across India," said Mark Kahn, Managing Partner, Omnivore.

"As the startup's first institutional investment, this is a very gratifying occasion for Omnivore and agritech in India." he also added.

"The extra share purchase in M.I.T.R.A would boost Mahindra's growth and expansion into the booming horticulture sector," stated Hemant Sikka, President of the Farm Equipment Sector, Mahindra & Mahindra.

By building three global technology powerhouses in Japan, Finland, and Turkey, Mahindra & Mahindra is attempting to mechanize Indian farmlands. Mahindra is leading the charge to uncover and implement ideas that could benefit India's farming industry.

Having a global footprint in over 50 countries, Mahindra Farm Equipment Sector is constantly striving to suit the evolving needs of India's agricultural landscape.