Dare Ventures Limited, a subsidiary of Coromandel International Limited, has on September 17, 2023 entered into definitive agreements for subscription of 10 Equity Shares of Rs.10 each, and 2,193 Seed Series Compulsorily Convertible Preference Shares of Rs.10 each of Flic Farm Private Limited constituting 16.53% of the post issue paid up share capital of Flic Farm Private Limited.

Flic Farm Private Limited (Flic Farm), incorporated in 2017 having Registered Office in Hyderabad, engaged in the business of design and production of compact autonomous robots, equipped with intelligent attachments, to perform a diverse range of agricultural tasks such as seeding, weeding, spraying & planting with precision resulting in higher efficiency & lower chemical usage.

The authorised Share Capital of Flic Farm is Rs. 12,00,000/-  comprising of 1,10,000 Equity Shares and 10,000 preference shares; and the paid-up Share Capital of the Company is Rs. 1,11,270 comprising of 11,127 Equity Shares. The turnover of Flic Farm for FY 2022-23 (provisional) was Rs. 13,29,091.

The total cost of acquisition will be ~Rs. 3 crores.

Dare Ventures Limited has been investing in early and growth-stage startups that provide technology-driven solutions to complex and long-term problems in the agriculture and allied sectors. This investment in XMachines aligns with Dare Ventures' vision of investing in innovative startups that can bring about a positive change in the agriculture sector.