Agritech startup Fyllo raises $4M led by IndiaQuotient, SIDBI Ventures, IAN, others

Bengaluru-based agritech startup Fyllo has raised $4 million in a funding round led by investors India Quotient and SIDBI Ventures. 

The round also saw participation from existing investors such as Triveni Trusts, Indian Angel Network (IAN), and KIAORA. The latest funding will help the startup to expand its reach and develop more precision agriculture products.

Expanding presence into new geographies

Fyllo plans to use the newly acquired funds to expand into new geographies and crops and enhance its precision agriculture products.

Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, the startup uses an IoT device with several on-field sensors to collect data from the soil, crop canopy, and surrounding environment.

Machine learning algorithms analyze this data to provide recommendations to farmers via a mobile app that supports all major Indian languages.

Transforming agriculture

Fyllo's precision agriculture platform uses AI-based prediction models to suggest effective agricultural processes to farmers, enhancing consistency in farm produce and quality.

According to Fyllo founders Sudhanshu Rai and Sumit Sheoran, "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.”

Customer base

Fyllo said that its services are currently being used by over 8,000 farmers on more than 50,000 acres. The startup claims that these farmers have consistently achieved a 25% increase in yield, 80% export-quality produce, and a 30% increase in income.

Notably, It has also helped reduce chemical usage by 35%, cut irrigation needs by around 50%, saved over 100 billion litres of water, and reduced carbon emissions by 4 million kilograms.

Investors comment

"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. We strongly believe in Fyllo’s potential to harness this shift, increase adoption rates in precision agriculture, and expand its product suite to reach millions of farmers across India," said Sahil Makkar from IndiaQuotient.

Chintan from SIDBI Ventures added, "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."