[Funding alert] Bengaluru-based agritech startup Fyllo raises Rs 3Cr in seed round from IAN
Fyllo, the Bengaluru-based agritech startup, on Monday said it raised Rs 3 crore from Indian Angel Network (IAN), Titan Capital, and Lead Angels.
The startup will use the capital for its expansion to new markets and research and development to support more crops. It had earlier received funding from 100X.VC.
Speaking on the development, co-founders Sudhanshu Rai and Sumit Sheoran said,
“We believe Fyllo will help farmers to improve production by 25 percent, and the total cost of production will also reduce by $700. Plus, there will also be an improvement in export quality by up to 81 percent, thereby fetching double the price on increased export produce. Having received the funding from IAN, we are looking to invest in expanding our brand to new markets.”
Coming from families who are associated with agriculture, Fyllo co-founders were involved in agriculture since their childhood, which led them to recognise the practical challenges farmers face.
After considerable research, the co-founders identified that a data-driven decision support system for farmers will be very crucial in eliminating crop loss and help in reducing the cost of production.
Fyllo — established in 2019 — helps farmers grow export quality crops through its data-driven platform powered by IoT, AI, and agronomy. The startup has developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management for each physiological stage. Besides, it also claims to provide the best cultural practices at each stage of the crop.
Speaking on the investment, Padmaja Ruparel, Co-founder, IAN, said,
“The market size for precision agriculture in India is around $7 billion and is growing at 18 percent YoY. With Fyllo’s crop models, farmers can reduce input cost and wastage and increase crop quality and quantity. We were very excited by Fyllo’s next-gen agriculture innovation, providing farmers with a solution on their mobiles. We do believe that Sudhanshu and Sumit can build an impactful business catering to Indian and the global farmer community.”
The Bengaluru-based startup’s corporate/contract farming models bring consistency in produced quantity and quality across farms and geography. Its 360-degree view dashboards backed with real-time farm data helps the management team to provide better decision-making ability to farmers.
Edited by Suman Singh