Agtech start-up Fyllo has raised $4 million in a fresh funding round led by IndiaQuotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round.
A media statement said Fyllo will use the funds to expand into new geographies and crops and develop more precision agriculture products.
Through its precision agriculture platform, Fyllo has developed AI-based prediction models that can suggest good agri processes to farmers that bring about consistency in farm produce and quality, it said.
Quoting Fyllo founders, Sudhanshu Rai and Sumit Sheoran, the statement said: “We are seeing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90 per cent of their decisions. With this funding, we would like to work even more closely with farmers, build new and better products, and expand our reach to farmers and other geographies.”
- Also read: Fyllo takes its precision farming systems to vineyards in France, Spain
Expansion plans
Over 8,000 farmers are using Fyllo’s services on more than 50,000 acres, and have consistently received 25 per cent more yield, 80 per cent export-quality produce, and 30 per cent more income, it said.
Fyllo is now looking to make its current offering widespread by expanding around its existing geographies and working on expanding its product offerings.
Sahil Makkar from IndiaQuotient said the Indian agricultural sector has long grappled with the uncertainties of erratic weather and crop wastage, causing farmers to fall short of meeting global benchmarks for productivity, efficiency, and output quality. However, a new generation of farmers is emerging, equipped with technological know-how and a willingness to adopt innovative practices to drive improvement.
“We strongly believe in Fyllo’s potential to harness this shift, increase adoption rates in precision agriculture, and expand its product suite to reach millions of farmers across India. This endeavour elevates productivity and output quality and addresses climate challenges in agriculture,” Sahil Makkar said.
Chintan from SIDBI Ventures said: “Given the climate change scenario and crop wastage, Fyllo, through its precision agriculture platform, is helping farmers to make better decisions. The market for precision agriculture is growing, and based on Fyllo’s record of strong retention, we expect them to tap a larger chunk of this market.”
