Agritech startup Fyllo on Thursday said it has raised $4 million in its latest round of funding led by investors IndiaQuotient and SIDBI Ventures. Existing investors Triveni Trusts, Indian Angel Network (IAN), and investment and consulting firm KIAORA also participated in the round.
The company said it will deploy the funds to develop more precision agriculture products and expand into new geographies. Titan Capital, 100X.VC, Ninjacart, Venture Catalysts, Singularity Ventures, and StarAgri are other existing investors in the company.
Founded in 2019, Fyllo enables farmers with better yield and quality through its IoT product that measures the precise requirements of plants on a real-time basis.
“We are seeing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90 per cent of their decisions,” said Fyllo founders Sudhanshu Rai and Sumit.
The company claimed over 8,000 farmers using its services on over 50,000 acres, receiving 25 per cent more yield consistently along with 80 per cent export-quality produce, and 30 per cent more income.
“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,” said Sahil Makkar from IndiaQuotient.
Makkar said Fyllo has the potential to increase adoption rates in precision agriculture and expand its product suite to reach millions of farmers across India.
According to the company, farmers on the Fyllo platform have been able to reduce their chemical usage by 35 per cent which has further cut down the irrigation needs by around 50 per cent.
This has led to saving more than 100 billion litres of water and a reduction of 4 million kilograms of carbon emissions, it added.
“Given the climate change scenario and crop wastage, Fyllo, through its precision agriculture platform, is helping farmers to make better decisions,” said Chintan from SIDBI Ventures.