Fyllo, an agritech startup based in Bengaluru, has successfully raised a new funding round of $4 million (approximately INR 33 crore). The funding was led by IndiaQuotient, with participation from SIDBI Venture Capital Ltd, alongside Fyllo’s existing investors Triveni Trusts, Indian Angel Network, and KiaOra Ventures.
Expansion Plans
With this fresh infusion of capital, Fyllo aims to expand its operations into new crops and geographical regions, including Andhra Pradesh, Telangana, Tamil Nadu, and Himachal Pradesh. Additionally, the company plans to focus on the development of more advanced precision agriculture products.
About Fyllo
Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo offers a range of software and hardware solutions designed to assist farmers in optimizing their farming practices. The software suite includes features such as live farm data analytics, irrigation and fertilizer scheduling, disease and pest prediction, and weather forecasting. On the hardware front, Fyllo offers products like Nero and Kairo, which aid farmers in irrigation management and data analysis, respectively. The company also boasts AI-based prediction models aimed at enhancing farming efficiency.
Strategic Vision
Rai and Sheoran expressed their vision for Fyllo, stating, “With this funding, we would like to work even more closely with farmers, build new and better products, and expand our reach to farmers in other geographies.”
Impact and Reach
Fyllo claims to have already served over 8,000 farmers, helping them increase their income by up to 30%. This underscores the tangible impact the company is making in the agricultural sector.
Continued Growth in Agritech Sector
The recent funding round for Fyllo is indicative of the growing interest and investment in India’s agritech startups. Similar ventures, such as FarMart, have also attracted significant funding, with FarMart recently securing INR 24 crore ($2.8 million) from Swiss asset manager responsAbility Investments AG.
Industry Outlook
According to a report by Inc42, the Indian agritech sector has witnessed substantial growth, with over $2.4 billion raised in funding across 285 deals between 2014 and February 2024. The sector is poised for further expansion, with the market opportunity projected to reach $25 billion by 2025.
In conclusion, Fyllo’s latest funding round not only reflects investor confidence in the company but also highlights the immense potential of precision farming solutions in addressing the evolving needs of India’s agricultural sector.
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