Agritech startup Fyllo announced on Thursday that it has successfully raised $4 million in its latest funding round, led by investors IndiaQuotient and SIDBI Ventures. This round also saw participation from existing investors such as Triveni Trusts, Indian Angel Network (IAN), and investment and consulting firm KIAORA.
Fyllo, founded in 2019 by Sumit Sheoran and Sudhanshu Rai, specializes in providing farmers with better yield and quality through its IoT product. This technology measures the precise requirements of plants on a real-time basis, empowering farmers to optimize their agricultural practices.
The company plans to utilize the funds to develop more precision agriculture products and to expand its operations into new geographies. Among the existing investors supporting this endeavor are Titan Capital, 100X.VC, Ninjacart, Venture Catalysts, Singularity Ventures, and StarAgri.
“We are witnessing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90 per cent of their decisions,” noted Fyllo founders Sudhanshu Rai and Sumit Sheoran.
With over 8,000 farmers already benefiting from its services across more than 50,000 acres, Fyllo has reported a consistent increase in yield by 25 per cent, along with improved quality of produce. Farmers using the platform have also experienced a 30 per cent increase in income, with 80 per cent export-quality produce.
Sahil Makkar from IndiaQuotient highlighted Fyllo’s potential to drive adoption rates in precision agriculture and expand its product suite to serve millions of farmers across India. Additionally, the company’s platform has enabled farmers to reduce chemical usage by 35 per cent and irrigation needs by around 50 per cent, resulting in significant water savings and a reduction of carbon emissions.
“Given the climate change scenario and crop wastage, Fyllo, through its precision agriculture platform, is helping farmers make better decisions,” commented Chintan from SIDBI Ventures.