15 March, 2016, Mumbai: Agriculture is still considered as the back bone of Indian economy and to back this industry, Indian multinational automobile manufacturing corporation, Mahindra & Mahindra, has launched its startup called Trringo. With the help of this platform, farmers can rent agriculture equipment for their various purposes.
As per the company, the newly launched platform will provide tractors and other necessary equipment to farmers. Farmers can get connected to the platform through its app or via call (call centre). Trringo will be floated in the market by June 2016 and will expand to five states including Maharashtra, Karnataka, Gujarat, Madhya Pradesh and Rajasthan, by August 2016. M&M plans to invest above INR 10 Cr in the new business.
Commenting on the launch, Rajesh Jejurikar, President and CEO of Mahindra’s Farm Equipment said, “The move will help to increase mechanization levels at farms, which is around 35 per cent currently, and organize equipment hiring which is a practice in existence for many years.”
However, Trringo will offer a digital platform that will work as a link between consumers who want to rent the equipment and the owner of the equipment. The entire business will be designed on franchise-based model and will be similar to Mahindra First Choice, pre-owned car sales business by Mahindra.