Mahindra purchased Omnivore's entire share in the company as part of this acquisition, as per statement. Omnivore is a venture capital business that was one of M.I.T.R.A's first institutional investors and pioneered agritech investing in India. Mahindra's acquisition is the agritech fund's second exit in less than six months.
"Mahindra plans to increase its farm machinery business by 10x in five years and is making quick progress towards this target," stated Hemant Sikka, President of FES, Mahindra & Mahindra Ltd. The extra investment in M.I.T.R.A. would help Mahindra's growth and expansion into the expanding horticulture market."
Mahindra is ushering in a second revolution in farm mechanisation across crop cycles in India. Mahindra is on a quest to uncover and adapt technologies essential to improving Indian agriculture by building three global technology Centers of Excellence in Japan, Finland, and Turkey, according to the business.
M.I.T.R.A wants to expand its product line and network in India and global markets following its acquisition by Mahindra. M.I.T.R.A, founded by Devneet Bajaj in 2012, is the Indian market leader in high-precision orchard sprayers and a trusted brand for farmers cultivating grapes, pomegranates, and oranges.
From FY18 to FY22, the company's sales more than tripled, and it now employs over 200 people and exports its products abroad.
"After eleven years of establishing a committed workforce, more than ten creative goods, and a radical rural sales approach, the trip from M.I.T.R.A to M&M is rewarding," Bajaj added. I am grateful to the M.I.T.R.A. team and Omnivore for their unwavering support for the mission of enhancing Indian agriculture through innovation."
Bajaj is now the Chief Strategy Officer of Dream Sports and the CEO of DreamCapital, one of India's largest CVC funds.
"Ten years ago, Bajaj sacrificed the American dream for a future establishing the Indian start-up ecosystem, starting with M.I.T.R.A," stated Mark Kahn, Managing Partner at Omnivore. “M.I.T.R.A's cutting-edge technology will now be available to horticulture farmers across India via Mahindra's extensive dealer network. As the startup's first institutional investment, this is a very gratifying occasion for Omnivore and agritech in India."
