Mahindra & Mahindra, India's multinational conglomerate, has signed a share subscription agreement to buy 11.25% stake in Gamaya SA, Switzerland. Mahindra’s Farm Equipment Sector (FES) led the Series B funding round with Rs thirty crore ($4.3 million). The manufacturer has bought 300 common shares and 30,469 series B preferred stock of Gamaya. The stake in Gamaya, the precision farming player is expected to complement Mahindra’s efforts to democratize technology for the small landholder farmers.
The cash deal is expected to close by the end of June 2019. The Switzerland-based agri-tech company, Gamaya SA (Gamaya"), focused on image analysis for crop health monitoring. It had a turnover of Rs 3.5 Crore in 2008.
As per the regulatory filing, Gamaya primarily operates in Brazil, India, Switzerland, and Ukraine. "Gamaya has advanced capabilities in Hyperspectral image Analytics, artificial intelligence and machine learning that captures and interprets images to give farmers information about the state of their fields and crops." the filing added. Shares of M&M ended at Rs 635 on the BSE, down by 5.35 points or 0.83 percent.
Mahindra has recently made strategic investments in technology-focused companies such as Resson and Carnot and single product line players such as MITRA and Erkunt.