Agritech startup Fyllo has secured Rs 3 crore from Indian Angel Network (IAN), Titan Capital, and Lead Angels. Earlier, it had received funding from 100X.VC.
The Bengaluru-based startup will utilise the fresh capital for its expansion to new markets and research and development to support more crops.
Sudhanshu Rai and Sumit Sheoran, Co-Founders of Fyllo, 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.”
Started in 2019, Fyllo helps farmers grow export quality crops through its data-driven platform powered by IoT, AI, and agronomy. The startup has created crop-specific models for irrigation, nutrients, diseases, pests, and weather management for each physiological stage. Apart from this, it also claims to offer the best cultural practices at each stage of the crop.
Speaking on the investment, Padmaja Ruparel, Co-founder, IAN, stated, “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.”