India Digest: Mahindra puts $4.3m in Gamaya; NinjaCart seeks funding from Amazon

Grocery shopping. Photo: Guus Baggermans/Unsplash

Mahindra & Mahindra’s Farm Equipment Sector (FES) said it is investing $4.3 million in Switzerland-based agri-tech firm Gamaya SA while NinjaCart is in talks with Amazon for funding.

Mahindra invests $4.3m in Gamaya

Mahindra & Mahindra’s Farm Equipment Sector (FES), a part of the $20.7 billion Mahindra Group, on Friday announced that it is investing $4.3 million for an 11.25 per cent 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 Gamaya’s Series B funding round, M&M said in a press statement.

Rajesh Jejurikar, President, FES said, “Our strategic association with Gamaya will enable us to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies.”

NinjaCart in talks with Amazon for funding

After securing funds from Tiger Global about two months ago, Indian agri-tech startup NinjaCart is now in discussions with e-commerce major Amazon for funding.

In April, NinjaCart closed it $100 million equity financing round led by Tiger Global. While the New York-based investor had invested $89.5 million for a 26.5 per cent stake in the agri-tech startup, Steadview Capital also invested an undisclosed sum in the round.

The latest development comes at a time when Amazon has been closely evaluating its entry into the fresh produce segment. It already sells select grocery items through Amazon Now and Amazon Pantry.