Agritech start-up Fyllo has announced that it has raised $4 million in a fresh funding round led by IndiaQuotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round.
Fyllo will use the funds to expand into new geographies and crops and develop more precision agriculture products.
Through its precision agriculture platform, Fyllo has developed AI-based prediction models that can suggest good agricultural processes to farmers that bring about consistency in farm produce and quality.
Fyllo founders Sudhanshu Rai and Sumit said, “With this funding, we would like to work even more closely with farmers, build new and better products, and expand our reach to farmers and other geographies.”
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As per the company, over 8,000 farmers are using Fyllo’s services on more than 50,000 acres and have consistently received 25 per cent more yield, 80 per cent export-quality produce, and 30 per cent more income.
Fyllo is now looking to make its current offering widespread by expanding around its existing geographies and working on expanding its product offerings.
Sahil Makkar from IndiaQuotient said, “The Indian agricultural sector has long grappled with the uncertainties of erratic weather and crop wastage, causing farmers to fall short of meeting global benchmarks for productivity, efficiency, and output quality. However, a new generation of farmers is emerging, equipped with technological know-how and a willingness to adopt innovative practices to drive improvement.”
Chintan from SIDBI Ventures said, “The market for precision agriculture is growing, and based on Fyllo’s record of strong retention, we expect them to tap a larger chunk of this market.”
Founded in 2019, Fyllo helps farmers achieve better yield and quality through its data-driven, precision agriculture platform. The company’s patented IoT product measures the precise requirements of plants on a real-time basis. Its AI platform provides timely advice to farmers. The startup claims to have captured more than one billion data points to offer crop-specific, crop-stage, location-specific, and variety-specific advisories.
