Funds will be used for expansion to new markets and research and development to support more crops.
Bangalore based agri-tech start up Fyllo, has raised Rs 3 crores from Indian Angel Network. Titan Capital, Lead Angels and others joined the round. The start-up will use the capital raised for its expansion to new markets and towards research and development to support more crops.
Fyllo helps farmers grow export quality crops through its data-driven platform that is powered by IoT, AI, and Agronomy. The start-up 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.
Speaking on the latest development, Sudhanshu and Sumit said, “Farmers need to make many decisions in real-time, but lack data and intelligence to infer from. They use trial and error techniques to make decisions to grow crops. In fact, they spend 25 per cent more money but the produce is 30 per cent less. We not only provide the data but also actionable insights. We believe Fyllo will help farmers to improve production by 25 per cent 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 per cent, 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.”
Padmaja Ruparel, Co-Founder at IAN said, “The market size for Precision agriculture in India is around $7 billion and growing 18 per cent YoY. And 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 Indian and global farmer community”
