As part of the acquisition, Mahindra has fully bought out Omnivore’s stake in the business.
The company, however, did not share financial details.
“Mahindra aims to grow its farm machinery business by 10-fold 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,” Mahindra & Mahindra Farm Equipment Sector President Hemant Sikka said in a statement.
Founded in 2012 by Devneet Bajaj, M.I.T.R.A is a leading player in high precision orchard sprayers, a 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.
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After the 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.
“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,” M.I.T.R.A Founder Dev Bajaj noted.
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