Liquidity Events
M&M buys Omnivore's stake in orchard sprayer maker MITRA
Publicly listed Mahindra & Mahindra Ltd (M&M), via its Farm Equipment Sector unit, has increased its shareholding in MITRA Agro Equipments Private Limited (MITRA) from 47.33% to 100%. As part of this acquisition, M&M has fully bought out VC firm Omnivore Partners' stake in the target business. Founded in 2012 by Devneet Bajaj, MITRA makes high precision orchard sprayers for farmers growing fruits like grapes, pomegranate and oranges. The company employs over 200 people and has started exporting its products globally.
From the Venture Intelligence PE-VC Deal Database: Between Oct-2012 and Mar-2020, MITRA had raised about USD 4 M from Unilazer Ventures, Omnivore Partners and Mahindra Partners. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) From the Venture Intelligence Private Company Financials Database: MITRA reported an operating income of over INR 47 Cr for FY 22 and a PAT of INR 5.26 Cr (Subscribers to the database can login to view the detailed financials.)
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