M&M picks up 11.25% in Swiss Agri-tech firm Gamaya
The company will pay 4.3 million dollars ( Rs 30 crore) to subscribe to 300 common shares and 30,469 series B preferred shares of Gamaya SA.
The company will pay 4.3 million dollars ( Rs 30 crore) to subscribe 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 Series B funding round.
“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,” Rajesh Jejurikar, president of farm equipment sector at M&M said in a release.
“Agriculture is a complex industry that is undergoing rapid transformation towards efficiency and sustainability. 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,” said Yosef Akhtman, CEO of Gamaya.