Mahindra & Mahindra (M&M) today said it has incorporated its agricultural equipment rental services arm Trringo.com as a wholly-owned subsidiary.
“Trringo.com is incorporated as a wholly-owned subsidiary of M&M with an initial subscription of 50,000 shares of Rs 10 each aggregating Rs 5 lakh,” the Mumbai-based utility vehicle major said in a regulatory filing. An organised farm equipment rental service through a franchise-based model using new-age digital technology, Trringo-com was incorporated on May 23. Its operations will be initially limited to India. Trringo will use a proprietary digital platform as an enabler to process orders and pass them on to the nearest franchisee through location-based mapping. Franchisee could also tie up with tractor owners in the vicinity enabling them to rent out equipment to farmers on a commission basis.