Mahindra & Mahindra’s Farm Equipment Sector (FES) has invested Rs 30 crore (4.3 million Swiss francs) in Series B round to pick up 11.25 percent stake in Switzerland-based agricultural technology company Gamaya.
Mahindra & Mahindra, which is a multinational car manufacturer, announced the deal in a stock-exchange filing on Friday.
Mahindra led the funding round of Gamaya, which raised a total of 7.5 million Swiss francs from investors including ICOS Capital, VI Partners, and some other existing investors.
Incorporated in 2015, Gamaya focuses on providing technology solutions for agriculture. It has advanced capabilities in Hyperspectral Imagery Analytics, Artificial Intelligence, and Machine Learning, which capture and interpret images to give farmers information about the state of their fields and crops. It operates primarily in Brazil, India, Switzerland, and Ukraine.
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Mahindra said in the filing that Gamaya will support the company’s farm division business by developing technology solutions. Rajesh Jejurikar, President, Farm Equipment Sector, Mahindra & Mahindra, said,
“With agriculture increasingly becoming technology-intensive, we at Mahindra are investing in future ready technologies to provide complete solutions to the global farming community. Our strategic association with Gamaya will enable us to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies. With this partnership, we expect to set new benchmarks in farming and its related services."
M&M also added that the deal is in line with its Farming 3.0 strategy.
It is worth noting that in 2016, the auto major launched its own company called Trringo. It is a farm equipment rental business, which aims to bring the sharing economy to rural India by creating a large inventory of farm equipment on rent.
Farmers can place order for tractors and implements through a toll-free number or through the app. The digital back end finds the nearest tractor and passes order to the driver. The driver will then arrive at the location and complete the work, and will charge on an hourly basis.
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