Agritech startup Fyllo has secured $4 million in a recent funding round, with India Quotient and SIDBI Ventures taking the lead. Triveni Trusts, IAN, and KIAORA, existing investors, also contributed to this round.
The capital infusion aims to fuel Fyllo’s expansion into new territories and crops, as well as the enhancement of its precision agriculture product portfolio, according to a press release from Fyllo.
Established in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo installs farm IoT devices equipped with multiple on-field sensors. These devices gather data from the soil, crop canopy, and surrounding environment, which is then analyzed by the company’s machine-learning algorithms. The insights generated are delivered to farmers via a mobile app, which supports all major Indian languages.
Fyllo reports that over 8,000 farmers utilize its services across more than 50,000 acres, consistently achieving a 25% increase in yield, 80% export-grade produce, and a 30% boost in income.
With ambitions to broaden its current offerings, Fyllo aims to expand within its current operational areas while also diversifying its product range.
Previously, the startup secured $2 million in funding, led by Triveni Trust, Ninjacart, and existing investor Indian Angel Network (IAN) in May 2022.
