As part of this acquisition, Mahindra fully bought out Omnivore’s stake in the business. This marks the agritech fund’s second exit in a little over six months.
Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) today signed definitive documents to increase its shareholding in MITRA Agro Equipments Private Limited (M.I.T.R.A) from the existing 47.33 per cent to 100 per cent, making it a wholly owned subsidiary of Mahindra & Mahindra Ltd. (M&M). As part of this acquisition, Mahindra fully bought out Omnivore’s stake in the business. This marks the agritech fund’s second exit in a little over six months. In August 2022, Omnivore exited aquatech startup Eruvaka after selling its stakes to Netherlands-based Nutreco.
Founded in 2012 by Devneet Bajaj, M.I.T.R.A is the Indian market leader in high precision orchard sprayers and a trusted brand for farmers growing fruits like grapes, pomegranate and oranges. The company has more than tripled its revenue from FY18 to FY22 and now employs over 200 people and has successfully started exporting its products globally. Post-acquisition by Mahindra, M.I.T.R.A plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets.
M.I.T.R.A was an early entrant in the then-nascent Indian agritech startup ecosystem. Omnivore, a venture capital firm that pioneered agritech investing in India, was one of its first institutional investors. M.I.T.R.A understood farmer needs and aspirations and built machines to automate labor-intensive farm jobs and save resources.
Dev Bajaj, Founder of M.I.T.R.A, said, “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. I am thankful to the M.I.T.R.A team and Omnivore for staunchly backing the vision of improving Indian agriculture with innovation.” Dev is now the Chief Strategy Officer of Dream Sports and heads one of India’s largest CVC funds, DreamCapital.
Mark Kahn, Managing Partner, Omnivore, said, “Ten years ago, Dev traded the American dream for a future building the Indian startup ecosystem, starting with M.I.T.R.A. 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 startup, this is a very proud moment for Omnivore and for agritech in India.”
Hemant Sikka, President of the Farm Equipment Sector, Mahindra & Mahindra Ltd., said, “Mahindra aims to grow its farm machinery business by 10x in 5 years and is making rapid progress towards achieving this goal. The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market.”
