New Delhi, June 7th, 2021: Fyllo, an agri-tech startup has raised INR 3 crores from Indian Angel Network. Titan Capital, Lead Angels and others joined the round. The company has been previously funded by 100X.VC.
The startup will use the capital raised for its expansion to new markets and towards research and development to support more crops.
Coming from farmers’ families, co-founders of Fyllo, Sudhanshu and Sumit have been involved in agriculture since their childhood. The duo recognised the practical challenges that farmers face.
After considerable research, the founders identified that a data-driven decision support system to farmers will be very crucial in eliminating crop loss as well as reduce cost of production. This prompted the Computer Science graduates to establish Fyllo in 2019.
Fyllo helps farmers grow export quality crops through its data-driven platform that is powered by IoT, AI, and Agronomy. The startup 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% more money but the produce is 30% less. We not only provide the data but also actionable insights. We believe Fyllo will help farmers to improve production by 25% 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%, 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.”
Further adding, Padmaja Ruparel, Co-Founder at IAN said, “The market size for Precision agriculture in India is around $7 billion and growing 18% 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”
Backed by a strong team, the Bengaluru-based startup’s corporate/contract farming models bring consistency in produced quantity and quality across farms and geography. The 360-degree view dashboards backed with real-time farm data help the management team to provide better decision-making ability to farmer.
About Indian Angel Network
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members, for the last 11 years. Some of its marquee investee companies include Druva, Box8, Sapience Analytics, WOW Momos, Consure, Fareye amongst many others.
IAN has also launched the IAN Fund, an INR 375 crore fund, is a uniquely differentiated seed/early stage Fund which aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.