Agritech Startup Fyllo raises INR 3 crore from IAN & Others
The capital will be used by the startup to expand into new markets as well as for research and development to support more crops. It previously received funding from 100X.VC.
Fyllo brings farms on your palms by installing on-field devices and actions on top of this data. The startup help farmers protect crop, reduce input cost and increase crop quality and quantity.
“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,” says, co-founders Sudhanshu Rai and Sumit Sheoran.
Coming from farming families, the Fyllo co-founders have been involved in agriculture since they were children, allowing them to understand the practical challenges farmers face.
Following extensive research, the co-founders determined that a data-driven decision support system for farmers will be critical in eliminating crop loss and lowering production costs.
Fyllo, which was founded in 2019, assists farmers in growing export-quality crops with its data-driven platform powered by IoT, AI, and agronomy. For each physiological stage, the startup has developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management. Furthermore, it claims to provide the best cultural practices at every stage of the crop.
“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,” says, Padmaja Ruparel, Co-founder, IAN.
The corporate/contract farming models used by the Bengaluru-based startup ensure consistency in produced quantity and quality across farms and geography. Its 360-degree view dashboards, backed up by real-time farm data, assist the management team in providing farmers with better decision-making capabilities.