Mahindra & Mahindra Takes Full Ownership of Agritech Startup MITRA
- ByStartupStory | March 20, 2023
Mahindra & Mahindra (M&M) has acquired agritech startup MITRA, increasing its stake from 47.33% to 100% through definitive agreements. As a result, MITRA is now a fully-owned subsidiary of M&M, and M&M has bought out Omnivore’s stake in the startup. MITRA plans to expand its product portfolio and network in India and international markets with this acquisition. Omnivore has exited its second portfolio investment, with Eruvaka being the first in August 2022, whose stakes were acquired by animal nutrition company Nutreco based in the Netherlands.
MITRA, established by Devneet Bajaj in 2012, specializes in producing agri-based spraying machines that are designed for horticulture crops. The startup’s product range includes orchard, vineyard, boom sprayer, mini tractor sprayer pump, and air blast sprayers. In the financial year 2022, MITRA reported a revenue increase of 3X. Currently, the company has a workforce of over 200 employees and has expanded its product export globally.
Dev Bajaj, the founder of MITRA, expressed gratitude for the acquisition of the company by M&M after eleven years of hard work, a committed team, and the creation of over ten innovative products, along with an unconventional rural sales strategy. Bajaj thanked the M.I.T.R.A team and Omnivore for their unwavering support in realizing the vision of advancing Indian agriculture with innovation.
Bajaj, the founder of MITRA, is presently serving as the chief strategy officer of Dream Sports and leading the CVC fund, Dream Capital. According to Crunchbase, the startup has secured more than $5 Mn in funding from various investors to date. Hemant Sikka, President of the Farm Equipment Sector at Mahindra & Mahindra Ltd., stated that Mahindra aims to increase its farm machinery business by ten times within five years and is progressing quickly towards this goal. The acquisition of a larger stake in M.I.T.R.A by Mahindra is expected to support the company’s growth and expansion into the rapidly expanding horticulture market.
In India, MITRA faces competition from Krishispray, Sreevatsa Agchamp, and Masand Agro. According to reports, Indian agritech startups have raised approximately $2 Bn in funding between January 2014 and June 2022. The sector is projected to expand to a $24 Bn market by 2025.
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