Agritech startup Fyllo has successfully raised $4 million in a recent funding round led by India Quotient and SIDBI Ventures. The round saw participation from existing investors Triveni Trusts, Indian Angel Network (IAN), and KIAORA.
The fresh capital infusion will be directed towards expanding Fyllo’s reach into new geographies and crop varieties, as well as developing advanced precision agriculture products. “With this funding, we aim to broaden our service area and enhance our product offerings to better serve the agricultural community,” Fyllo stated in a press release.
Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo specializes in deploying farm IoT devices equipped with multiple on-field sensors. These devices collect vital data from soil, crop canopies, and the surrounding environment. The gathered data is then analyzed using Fyllo’s proprietary machine learning algorithms, which provide actionable recommendations to farmers via a mobile app that supports all major Indian languages.
To date, over 8,000 farmers have utilized Fyllo’s services across more than 50,000 acres. These farmers have reported a 25% increase in yield, 80% export-quality produce, and a 30% boost in income.
Building on its success, Fyllo aims to scale its current offerings, expanding both geographically and product-wise. This expansion is poised to further support the company’s mission of enhancing agricultural productivity and profitability through technology.
In May 2022, Fyllo raised $2 million in a funding round led by Triveni Trust, Ninjacart, and existing investor IAN. The startup continues to attract investor interest due to its innovative approach and significant impact on the agriculture sector.
“Fyllo’s growth trajectory is a testament to the transformative power of technology in agriculture. Our investors’ continued support underscores the potential of our solutions to address the evolving needs of the farming community,” said Sudhanshu Rai, Co-Founder of Fyllo.
Fyllo’s commitment to innovation and sustainability is evident in its relentless pursuit of technological advancements that drive efficiency and productivity in agriculture. As it scales, Fyllo remains dedicated to empowering farmers with the tools they need to thrive in an increasingly challenging agricultural landscape.
