In a new funding round headed by India Quotient and SIDBI Ventures, the agritech startup Fyllo has raised $4 million. In the round, current investors IAN, KIAORA, and Triveni Trusts took part.
In a press release, Fyllo stated that the money raised would be utilized to grow into new markets, cultivate new crops, and create more precision agriculture products.
In essence, Fyllo installs a farm IoT device with multiple on-field sensors. It was founded in 2019 by Sudhanshu Rai and Sumit Sheoran. Data is gathered from the soil, surrounding environment, and crop canopy. The company’s machine learning algorithms then evaluate the data, as was previously mentioned, to help provide farmers with recommendations on their mobile app, which is supported in all of the major Indian languages.
Over 8,000 farmers are utilizing Fyllo’s services on over 50,000 acres, and the company reports that they consistently receive 25% more yield, 80% export-quality produce, and 30% more income.
Fyllo is currently aiming to broaden the reach of its current offering by developing new product lines and expanding into its current geographic areas.
The startup had previously raised $2 million in funding in May 2022, with the help of Triveni Trust, Ninjacart, and current investor Indian Angel Network (IAN).
