Agritech Startup Fyllo Secures INR 3 Cr In Seed Round From IAN
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Bengaluru-based agritech startup Fyllo informed on Monday to have raised INR 3 crore 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.
Coming from farmers’ families, co-founders of Fyllo, Sumit Sheoran, and Sudhanshu Rai have been involved in agriculture since their childhood. The duo recognized the practical challenges that farmers face.
“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 per cent more money but the product is 30 per cent less. We not only provide the data but also actionable insights. We believe Fyllo will help farmers to improve production by 25 per cent 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 per cent, 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,” said Sheoran and Rai, while commenting in a collective statement.
After considerable research, the founders identified that a data-driven decision support system to farmers will be very crucial in eliminating crop loss as well as reduce cost of production. This prompted the Computer Science graduates to establish Fyllo in 2019.
“The market size for Precision agriculture in India is around $7 billion and growing 18 per cent year-over-year. And 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 a solution on their mobiles. We do believe that Sudhanshu and Sumit can build an impactful business catering to the Indian and global farmer community,” remarked Padmaja Ruparel, co-founder, IAN.
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, the platform shared.