Cricketer Ajinkya Rahane has invested in Mahindra group-backed organic products startup MeraKisan to pick up a minority stake.
Ajinkya, who is vice-captain of the Indian Test Cricket team, has invested and will own equity in MeraKisan and would also be its brand ambassador, Mahindra group said in a statement.
Founded in 2016, MeraKisan Pvt Ltd is an associate of Mahindra Agri Solutions Ltd, a wholly owned subsidiary of Mahindra and Mahindra. It is a prominent leader in the organic food industry closely working with organic farmers, assuring certified, nutritious and healthy organic food.
When contacted, Ashok Sharma, MD & CEO- Mahindra Agri Solutions, said Rahane will have a minority stake in the company but did not disclose the amount invested by the cricketer.
Sharma said MeraKisan is posting a revenue of Rs 2-3 crore per month and is growing very fast. He said the company currently sells more than 130 products.
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The start-up is expected to contribute 5-7 per cent of Mahindra Agri Solutions by 2024-25, he said.
"MeraKisan is a 2-3 year old company with a focus on organic food. The company works with over 7,000 farmers, helping them with certification, technical support and initial handholding.
"The start-up has witnessed robust growth since its inception and we expect it to contribute 5-7 per cent of the total revenue of Mahindra Agri Solutions by FY25," Sharma told PTI.
The company is growing at 40 per cent annually and is expected to have a revenue of Rs 1,300 crore in FY20, he added.
On Rahane's association, he said, "We are delighted to welcome Ajinkya to the Mahindra family, he is a role model for the new generation and a passionate supporter of the Indian farming community."
Rahane said: "I strongly believe that organic food contributes to overall wellness, and this partnership is significant as we share a common goal. Further, I am excited to be part of a journey which delivers sustainable prosperity for our farmers through organic farming methods".
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