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.