Acquires 11.25% stake in Agri-technology firm
Mumbai: Mahindra & Mahindra’s Farm Equipment Sector (FES), a part of the USD 20.7 billion Mahindra Group announced an investment of CHF 4.3 million (US$ 4.3 million) for an 11.25% stake in Switzerland based agri technology firm Gamaya SA.
This investment will be through a subscription to 300 Common Shares and 30,469 Series B Preferred Shares of Gamaya SA. ICOS Capital, VI Partners and some existing investors also participated in the CHF 7.5 mn Series B funding round.Through this investment, Mahindra will make superior farming solutions easily accessible to the global farming community, in line with the company’s Farming 3.0 strategy.
Speaking on the strategic partnership, 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”.
Yosef Akhtman, Co-founder and CEO of Gamaya, said, “Agriculture is a complex industry that is undergoing rapid transformation towards efficiency and sustainability. The success of this process will undoubtedly rely on the collaboration between established industry leaders and innovators. We are excited to have Mahindra as an investor and strategic partner to help Gamaya bring the benefits of advanced technology, including hyperspectral imaging and machine learning, to both industrial farmers and small holders around the world”
Incorporated in the year 2015, Gamaya is a Switzerland-based company focused on providing crop-specific technology solutions for agriculture. It has advanced capabilities in Hyperspectral Imagery Analytics, Artificial Intelligence and Machine Learning which captures and interprets imagery to give farmers information about the state of their fields and crops. The company operates in Brazil and has several ongoing development activities in India, Ukraine and a few other countries.
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