Agritech startup Fyllo has raised $4 million in a new funding round led by India Quotient and SIDBI Ventures, with participation from existing investors Triveni Trusts, IAN, and KIAORA to enhance its precision agriculture offerings using advanced IoT devices.
Fyllo, founded in 2019 by Sudhanshu Rai and Sumit Sheoran, will use the funds to expand into new geographies and crops while developing more precision agriculture products. According to the startup, over 8,000 farmers use Fyllo’s services on over 50,000 acres, achieving 25 percent higher yields, 80 percent export-quality produce, and 30 percent increased income.
Fyllo founder Sudhanshu Rai said, “We are seeing a surge in the adoption of precision agriculture. Farmers use mobile phones to make 90 percent 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.”
Fyllo’s Expansion and Innovation
Fyllo plans to make its precision agriculture platform more widespread by targeting new regions and enhancing its product lineup. The company’s IoT device, equipped with multiple on-field sensors, collects data from the soil, crop canopy, and surrounding environment. Machine learning algorithms analyze this data to provide farmers with actionable recommendations via a mobile app that supports all major Indian languages.
Over 8,000 farmers use Fyllo’s services on over 50,000 acres and have consistently received 25 percent more yield, 80 percent export-quality produce, and 30 percent 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.
Farmers adopting the Fyllo platform have achieved significant environmental benefits by reducing chemical usage by 35 percent and reducing irrigation needs by approximately 50 percent. This has resulted in a saving of over 100 billion liters of water and a reduction of 4 million kilograms of carbon emissions, the agritech platform said.
Fyllo Addressing Climate Challenges
Global warming has significantly impacted agriculture, reducing soil health and increasing the frequency of disease and pest attacks. Fyllo’s AI-based prediction models offer farmers consistent and quality agri processes to combat these challenges. The startup aims to help farmers achieve more predictable and profitable outcomes.
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.
In May 2022, Fyllo raised $2 million in a funding round led by Triveni Trust, Ninjacart, and the Indian Angel Network (IAN). With the latest funding, Fyllo continues to focus on precision agriculture innovation and expansion to support more farmers across various regions.
Fyllo’s recent $4 million funding round underscores the growing importance of precision agriculture in enhancing farm productivity and sustainability. By leveraging IoT devices and AI-based solutions, Fyllo is poised to significantly impact the agriculture sector.
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.”
