Agri-tech startup Fyllo has announced it has raised $2 million in a funding round led by IAN, Triveni Trusts, Ninjacart and new investors Venture Catalysts, StarAgri, Kia Ora Ventures, Singualrity Ventures, Mastermind Capital and Angel investors.
The startup will use the capital raised for its expansion to new markets and towards research and development to support more crops, it said in a statement.
Founded in 2019, Fyllo brings certainty in quality and quantity of agricultural produce through its data-driven Agri-science platform. Their IoT system understands and measures precise requirements of plants on real-time basis and then Agri-science platform backed by AI provides timely advise 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.
Speaking on the development, founders Sudhanshu Rai and Sumit 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 advise to farmers helps them increase their crop productivity and lower input cost.”
Ninjacart co-led this round and Thirukumaran Nagarajan, Co-Founder and 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."
Balvinder Singh Kalsi, Managing Director, KiaOra Ventures said, “Fyllo’s offering is another step towards doubling farmers income.”