Bengaluru based Agri-tech startup Fyllo raises $2 million
Fyllo helps farmers grow export quality crops through its data-driven platform powered by IoT, AI, agronomy
Indian Angel Network(IAN), an existing investor, joined the US 2mn round in Fyllo, an agri-tech startup led by Triveni Trusts, Ninjacart, and new investors Venture Catalysts, StarAgri, Kia Ora Ventures, Singularity Ventures, Mastermind Capital and angel investors. The startup will use the capital raised for its expansion to new markets and for research and development to support more crops.
Founded in 2019, Fyllo brings certainty in the quality and quantity of agricultural produce through its data-driven Agri-science platform. Their IoT system understands and measures the precise requirements of plants on a real-time basis and then the Agri-science platform backed by AI provides timely advice to farmers. The startup has developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management for each physiological stage of crop and soil.
Fyllo has expanded its services to 2000+ farmers and 10+ corporates across 4 states in India covering 20,000 acres. Speaking on the latest development, founders Sudhanshu Rai and Sumit Sheoran said, "Farmers have seen the impact of technology and the adaptability has increased. Having received the funding, we are looking to invest in expanding our brand to new markets and more crops."
M.K Dhanuka, Managing Trustee, Triveni Trust said, "Fyllo's specific, precise and AI-driven advice to farmers helps them increase their crop productivity and lower input cost. 100% customer retention reflects the farmer's confidence in Fyllo's offering. This will contribute to transforming India through agriculture. We are excited about our investment in Fyllo."
Fyllo has reduced the risks involved and brought consistency in farming. Along with reducing the cost of cultivation, the platform helped farmers increase their yield and income. On a cumulative basis, farmers have saved over 9 billion litres of water using Fyllo.
Ninjacart co-led this round and Thirukumaran Nagarajan, Co-founder & CEO, of Ninjacart, said, "Fyllo provides actionable insights through a combination of technology, science, and data. We look forward to working with Fyllo team to expand their distribution through Ninjacart's farmer network across the country."
Padmaja Ruparel, co-founder of IAN said, "IAN invests in changemaker-startups like Fyllo — which have witnessed continuous business growth. The founders bring both passion and leadership and we are excited to be a part of the Fyllo journey."
Further, Balvinder Singh Kalsi, Managing Director, KiaOra Ventures added, "Fyllo's offering is a great example of bringing precision farming technology to Indian farmers. This is another step toward doubling farmers' income. We are happy to be a part of Fyllo's future journey."