March 27, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) announced it has acquired 100 percent of MITRA Agro Equipments Private Limited (M.I.T.R.A) by increasing its holding from 47.33 percent to 100 percent. Consequently, in connection with this deal, Omnivore has been fully bought out of M.I.T.R.A, exiting its investment going back to 2014. 

Founded in 2012 in Nashik, India, by Devneet Bajaj, M.I.T.R.A – an acronym for Machines, Information, Technology, Resources for Agriculture – is the market leader in high-precision orchard sprayers in India, widely used by the country’s growers of permanent crops including grapes, oranges, and pomegranates.

At the time of the company’s founding, Bajaj, who was a graduate of French business school INSEAD and formerly worked with U.S.-based Paine & Partners (now Paine Schwartz), was living in California and noticed that the sprayers being used by American farmers would be a significant help to farmers in India for protecting their crops. 

As M.I.T.R.A was an early pioneer in the Indian agtech space, so was Omnivore, one of the first venture capital investors backing agritech innovators in India, who was one of M.I.T.R.A’s first institutional investors. 

Both Bajaj’s and Omnivore’s instincts were spot-on. Between FY2018-FY2022, M.I.T.R.A more than tripled its revenue, expanded its team to more than 200 people, and started exporting its products to global markets. 

“Ten years ago, Dev traded the American dream for a future building the Indian start-up ecosystem, starting with M.I.T.R.A.,” said Mark Kahn, managing partner, Omnivore. “Through Mahindra’s expansive dealer network, M.I.T.R.A’s cutting-edge technology will now be accessible to horticulture farmers across India. As the first institutional investor in the start-up, this is a very proud moment for Omnivore and for agritech in India.”

Post Acquisition

Under its motto – Transform Farming, Enrich Lives –  Mahindra intends to usher in a mechanization revolution across India’s farmland and crop cycles by identifying and adapting innovations relevant to improving the country’s agricultural production. As part of this mission, the company has established three global technology Centers of Excellence in Japan, Finland, and Turkey, and has grown to be the world’s largest tractor manufacturer with a presence in 50 countries.

Following the acquisition by Mahindra & Mahindra, M.I.T.R.A stated that it plans to undertake an accelerated expansion of its product portfolio while also being dedicated to expanding its network in India and in overseas markets. 

“Mahindra aims to grow its farm machinery business by 10x in five years and is making rapid progress towards achieving this goal,” said Hemant Sikka, president, Farm Equipment Sector, Mahindra & Mahindra Ltd. “The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market.”

“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,” added Dev Bajaj, who is currently chief strategy officer for Dream Sports, and head of DreamCapital, one of the largest CVC funds in India. “I am thankful to the M.I.T.R.A team and Omnivore for staunchly backing the vision of improving Indian agriculture with innovation.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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