Venture Capital Firm Omnivore Partners Back Agri-Tech Startup MITRA
April 24, 2014
Venture Capital firm Omnivore Partners which focuses on early stage agricultural and food technology companies, has invested in a major minority stake in Nashik, India-based MITRA. MITRA, an acronym for machines, information, technology, resources for agriculture, aims to help mechanize fruit cultivation in India. The company will use the funds to expand its research and enhance marketing. Lack of farm labor in the country is creating a need for mechanization in the agricultural sector. MITRA’s first product, GrapeMaster, is a specially designed sprayer for Indian vineyards and has garnered early interest. The five year compounded annual growth of new hectares of fruit cultivation in India is 3.7% and fruit production is growing at 6.2%, making it one of the fastest growing segments within Indian agriculture. Both companies have declined to share further financial details.
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