India’s $17 billion Mahindra & Mahindra’s (M&M) group said it was entering the agricultural equipment rental services with the launch of Trringo, an organised rental service, with plans to invest over Rs 10 crore on the startup enterprise.
“Farm Equipment Sector (FES), a part of Mahindra group, has forayed into the agricultural equipment rental services with Trringo that will operate as a franchisee based model and will effectively bring in new age digital technology to the tractor rental business,” M&M said in a regulatory filing.
The new e-commerce startup that will begin operations in June, plans to enter five states by August.
“In our country where farm mechanization penetration is low, Mahindra would like to play a significant role in enabling our farmers to improve their productivity and Rise by providing accessible technology. The TRRINGO farm equipment rental business model will enable farmers to deploy mechanization technology on a pay per use basis without investing in the asset. This will increase their output and prosperity and lead to the inclusive growth of the nation,” M&M Executive Director Pawan Goenka said.