17 June 2019, India:
Mahindra & Mahindra’s Farm Equipment Sector (FES), a part of the Mahindra Group have invested $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, the company said in a statement.
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.”
Rajesh Jejurikar, added, “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.”
Yosef Akhtman, added, “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.”
Gamaya was incorporated in 2015. It is a Switzerland-based company focused on providing crop-specific technology solutions for agriculture.
The company operates in Brazil and has several ongoing development activities in India, Ukraine and a few other countries.
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