[Funding alert] Cricketer Rahane invests in Mahindra Group-backed organic food startup MeraKisan
Cricketer Ajinkya Rahane has invested in Mahindra Group-backed organic products startup. Rahane, who is the vice-captain of the Indian Test Cricket team, will own equity in MeraKisan, and will also be its brand ambassador, Mahindra Group said in a statement.
Founded in 2016, MeraKisan Pvt Ltd is an associate of Mahindra Agri Solutions Ltd, a wholly-owned subsidiary of Mahindra and Mahindra. It is a prominent leader in the organic food industry closely working with organic farmers, assuring certified, nutritious, and healthy organic food.
Ashok Sharma, MD & CEO, Mahindra Agri Solutions, said, Rahane will hold a minority stake in the company, but did not disclose the amount invested by the cricketer.
Sharma said MeraKisan is posting a revenue of Rs 2-3 crore per month, and is growing very fast. He said the company currently sells more than 130 products. The startup is expected to contribute 5-7 percent of Mahindra Agri Solutions by 2024-25, he said.
Rahane said: "I strongly believe that organic food contributes to overall wellness, and this partnership is significant as we share a common goal. Further, I am excited to be part of a journey which delivers sustainable prosperity for our farmers through organic farming methods".
"MeraKisan is a three-year-old company with a focus on organic food. The company works with over 7,000 farmers, helping them with certification, technical support, and initial hand-holding.
"The startup has witnessed robust growth since its inception and we expect it to contribute 5-7 percent of the total revenue of Mahindra Agri Solutions by FY25," Sharma told PTI.
The company is growing at 40 percent annually, and is expected to see a revenue of Rs 1,300 crore in FY20, he added.
On Rahane's association, he said, "We are delighted to welcome Ajinkya to the Mahindra family. He is a role model for the new generation, and a passionate supporter of the Indian farming community."
(Edited by Megha Reddy)