Agriculture

M M enters farm equipment rental biz with Trringo

The company plans to invest upwards of Rs 10 crore on the new venture and intends to enter five states in the current year
M M enters farm equipment rental biz with Trringo

Mahindra & Mahindra’s (M&M) forayed into the agricultural equipment rental services with the launch of Trringo, an organised rental service.

"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 company plans to invest upwards of Rs 10 crore on the new venture and intends to enter five states in the current year, it added.

M&M Executive Director Pawan Goenka said in India where farm mechanisation penetration is low, Mahindra would like to play a significant role in enabling farmers to improve their productivity by providing accessible technology.

"The Trringo farm equipment rental business model will enable farmers to deploy mechanisation 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," he added. 

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