Fyllo, an agri-tech startup announced on Monday that it has raised Rs 3 crores from Indian Angel Network. Titan Capital, Lead Angels and others joined the round. The company has been previously funded by 100X.VC.
The startup will use the capital raised for its expansion to new markets and towards research and development to support more crops.
Co founders Sudhanshu Rai and Sumit Sheoran have been involved in agriculture since their childhood. They realised a data-driven decision support system to farmers would prove to be crucial in eliminating crop loss and reduce production costs. This led the computer science graduates to establish Fyllo in 2019.
Fyllo helps farmers grow export quality crops through its data-driven platform that is powered by IoT, AI, and Agronomy. The startup has developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management for each physiological stage. Besides, it also provides the best cultural practices at each stage of the crop.
Speaking on the latest development, Rai and Sheoran said, “Farmers need to make many decisions in real-time, but lack data and intelligence to infer from. They use trial and error techniques to make decisions to grow crops. In fact, they spend 25 percent more money but the produce is 30 percent less. We not only provide the data but also actionable insights. 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 81percent, 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.”
The market size for Precision agriculture in India is around $7 billion and growing 18 percent YoY. And with Fyllo’s crop models, farmers can reduce input cost and wastage, and increase crop quality and quantity, said Padmaja Ruparel, Co-Founder, IAN said. "We were very excited by Fyllo’s next-gen agriculture innovation providing farmers a solution on their mobiles.”
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