- Fyllo will infuse the raised funding in research & development (R&D) and expanding its presence into new markets.
- Investors Titan Capital and Lead Angels also participated in the funding round.
- The startup helps farmers to grow export quality crops through its data-driven platform.
Bengaluru-based Agritech startup Fyllo, which helps farmers to grow export quality crops, has raised Rs 3 crore (about $412K) in a funding round led by angel investment firm Indian Angel Network (IAN). The round also saw participation from Titan Capital and Lead Angels.
According to the startup, The raised capital will be used for expansion and research & development (R&D) to support more crops in its data-driven platform.
Prior to this round, Fyllo had raised funding from Mumbai-based BlackSoil Capital and 100X.VC, acc. to CrunchBase.
Commenting on the development, Sudhanshu Rai and Sumit Sheoran, in a joint statement said, ““We believe Fyllo will help farmers to improve production by 25%, 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&, 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.”
Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Agrihawk Technologies Pvt. Ltd, which owns and operates Fyllo, helps farmers grow export quality crops through its data-driven platform powered by IoT, Artificial Intelligence (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.
Further, Padmaja Ruparel from IAN, said that the market size for precision agriculture in India is around $7 billion and growing at 18% year on year (YoY). “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.”
Besides Fyllo, Startups like Fasal, DeHaat, Clover, CropIn, Intello Labs, to name a few, are also working in the Agritech sector.
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