Bengaluru-based agritech startup Fyllo, said it raised Rs 3 crore from Indian Angel Network (IAN), Titan Capital, and Lead Angels among others. It had earlier received funding from Mumbai based 100X VC.
The startup will use the newly raised capital for its expansion to new markets and towards R&D(research and development) to support more crops.
Coming from farmers families, Both Sumit and Sudhanshu co-founders of Fyllo, were involved in agriculture since their early childhood days, which led them to recognise the practical challenges farmers face in our country.
After considerable research, the co-founders identified that a data-driven decision support system for farmers will be very crucial in eliminating crop loss and will help farmers in reducing the cost of production.
Fyllo — established in April 2019 with a vision to help farmers grow export quality crops through its data-driven platform powered by AI, IoT, and agronomy. The startup has developed crop-specific models for diseases detection, irrigation, nutrients, pests, and weather management for each physiological stage. Besides, it also claims to provide the best cultural practices at each stage of crops growth.
Addressing on the latest development, the co-founders said, “Farmers need to make many decisions in real-time, but lack of data and intelligence to infer from. They use trial and error techniques to make decisions to grow crops. In fact, they spend 25% more money but the produce is 30% less. Fyllo not only provide the data to farmers in real-time, but also give actionable insights. They believe Fyllo will help farmers to cut down the total cost of production by $700 and also improve production by 25 percent. Also, there will be an improvement in export quality by up to 81%, thereby fetching double price on increased export produce. Having received the funding from IAN, they are looking to invest in expanding our brand to new markets.”
The Bengaluru-based startup’s corporate/contract farming models also bring consistency in produced quantity and quality across farms and geography. Its cloud based application with 360-degree view dashboards backed with real-time farm data helps the management team to analyze and provide better decision-making ability to farmers.