Fyllo, an agritech business, has raised $4 million in a new fundraising round headed by SIDBI Ventures and India Quotient. In the round were current investors Triveni Trusts, IAN, and KIAORA.
The money raised will be utilised to grow into new markets, cultivate new crops, and create more precision agriculture tools.
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Fyllo installs an Internet of Things (IoT) farm equipment with many on-field sensors. It gathers information from the surrounding environment, crop canopy, and soil. As previously indicated, the company’s machine learning algorithms evaluate the data to help provide farmers with advice via their mobile app, which is supported in all of the major Indian languages.
Over 8,000 farmers are utilising Fyllo’s services on over 50,000 acres, and the company reports that they consistently earn 25% greater yield, 80% export-quality food, and 30% more cash.
Fyllo is now working on growing its product offerings and extending its reach throughout its present geographic areas in an effort to make its current offering more widely available.
Sudhanshu Rai, co-founder, Fyllo, said: “We are seeing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90% 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,”
Sahil Makkar, vice-president, 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,”
About Fyllo
Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo is a provider of machine learning, agronomy, and IoT-based precision agricultural solutions..
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