- Fyllo, a Bengaluru-based startup dedicated to agrotechnology, has raised $2 Mn.
- Fyllo was founded by Sudhanshu Rai and Sumit Sheoran in 2019
- The startup claims that its precise and AI-driven advice assists farmers in increasing crop productivity and reducing input costs.
Fyllo, a Bengaluru-based startup dedicated to agrotechnology, has raised $2 Mn in funding from Triveni Trusts, Ninjacart and new investors, including Venture Catalysts, StarAgri, Kia Ora Ventures, Singularity Ventures, Mastermind Capital, as well as existing investors IAN and other angel investors.
Fyllo was founded by Sudhanshu Rai and Sumit Sheoran in 2019 and has grown to serve more than 2,00 farmers and over 10 corporations across four states in India covering 20,000 acres of land. Its IoT system measures and understands the requirements of plants in real-time, and an agri-science platform augmented by artificial intelligence offers timely advice to farmers.
According to Fyllo, models have been developed for the management of irrigation, nutrients, diseases, pests, and weather for each physiological stage of crop development.
Its founders Rai and Sheoran said, “Technology has significantly impacted farmers and their adaptability has grown. Our goal is to expand our brand to new markets and grow more crops now that we have received funding for it”.
The platform not only helped farmers cut cultivation costs but also increased yields and income. According to Fyllo, its services have saved farmers more than 9 billion litres of water.
The startup claims that its precise and AI-driven advice assists farmers in increasing crop productivity and reducing input costs.MK Dhanuka, managing trustee, Triveni Trust, said Fyllo’s 100% customer retention is a sign of farmers’ confidence.
The co-founder and CEO of Ninjacart said “by combining technology, science, and data, Fyllo delivers actionable insights. The Fyllo team and Ninjacart look forward to expanding its distribution across the country through Ninjacart’s farmer network”.
Agritech startup Ninjacart announced a $25 Mn fund in March 2022 to back startups in the same category. In the Agri Seed Fund, investments will be made in startups through participation in funding rounds for seed funding.
Soon after Ninjacart announced the fund, it acquired SaaS-based smart solutions provider Tecxprt for an undisclosed amount.
The Walmart-owned Flipkart injected $145 million into Ninjacart last year, making it the largest agritech deal in India. Around $700 Mn to $800 Mn was invested in Tiger Global’s startup.
A report by Bain & Company says India’s agritech market is expected to reach $30 Bn to $35 Bn by 2025, with significant investment.