Mahindra Univeg acquires minority stake in agri startup MeraKisan

Mahindra Univeg, a JV firm between Mahindra Agri Solutions and Belgium's Univeg, today announced that they have acquired minority shareholding of 33 per cent in agri startup firm MeraKisan. The financial details of the deal were not disclosed.

MeraKisan's business model augments disintermediation at various levels in the fruits and vegetables delivery value chain, directly benefiting the farmer and the end consumer.

These products that will be sourced directly from farmers and will be retailed on online portal called www.shopping.merakisan.com.

"Our investment in MeraKisan will enable the farmers and the consumers to connect digitally and create a win-win situation. We are strongly committed towards our vision of Sustainability and delivering FarmTech Properity, and our investment in this venture is yet another proof of our commitment. We believe that the MeraKisan team is fully aligned with our vision," said Ashok Sharma, MD & CEO- Mahindra Agri Solutions.

MeraKisan's founder Prashanth Patil will hold majority stakeholder of the company and will be the CEO of the company, responsible for running its operations.

Patil, CEO-Designate of MeraKisan said, "This coming together is significant as we share a common goal of impacting the lives of the Indian farmer. Leveraging our digital platform, MeraKisan will ensure delivery of high quality fruits & vegetables at the door step of the consumer. I am sure that this initiative will be a trendsetter in creating value for the Indian farming community."

MeraKisan at present only focuses on the Pune market. With this investment the company will expand its presence in Mumbai and Navi Mumbai. "The online grocery market in Pune is around Rs 50-60 crore which is expected to grow 10 folds in the next few years," said Sharma.

Mahindra Univeg is a 60:40 JV with Mahindra Agri Soluions and Univeg respectively. The JV was created in 2014 and focuses on developing fresh fruit supply chain to provide quality fruits that meets the needs of both the domestic and international markets. Other than grapes JV will focus on select key fruits.