Mumbai: Agritech startup Fyllo has raised US$4 million in a fresh funding round led by IndiaQuotient and SIDBI Ventures, the startup announced today. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round. Fyllo will use the funds to expand into new geographies and crops and develop more precision agriculture products.
Global warming has led to significant climate change. It has reduced soil health and random attacks of diseases and pests have made agriculture uncertain. Through its precision farming 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.
Fyllo founders Sudhanshu Rai and Sumit Sheoran 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.”
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“Currently, 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. Fyllo is now looking to make its current offering widespread by expanding around its existing geographies and working on expanding its product offerings,” the startup claimed.
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,” Makkar added.
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“Farmers who have adopted the Fyllo platform have achieved significant environmental benefits as they managed to cut down their chemical usage by 35 per cent, leading to a reduction in irrigation needs by approximately 50 per cent. This has resulted in a saving of over 100 billion litres of water and a reduction of 4 million kilograms of carbon emissions,” the agritech platform 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.”
