Fyllo secures $3 crore in the seed round from IAN and others
- ByStartupStory | May 13, 2022
Fyllo, the Bengaluru-based agritech startup raised Rs 3 crore on Monday from Indian Angel Network (IAN), Titan Capital and Lead Angels. The company will use the fresh funds for its extension to new markets and research with the development to support more crops. Also, it earlier received funding from 100X.Vc. The startup is aiming to provide 360 degrees dashboards with real-time farm data which would help the management teams to offer better decision-making ability to farmers.
Sudhanshu Rai and Sumit Sheoran, the co-founders of Fyllo said that they believe that the startup will help farmers improve the production cost by 25% and consequently reduce the total cost of production to $700. It would also lead to an enhancement in the export quality by up to 81% which will increase the export price two folds. They concluded by saying that the funds received from IAN will be used to expand their brand in the new market.
The co-founders of Fyllo have been involved in agriculture since their childhood which helps them better understand the practical challenges faced by the farmers. After proper research, the co-founders realised that a data-driven support system would be very crucial for farmers in eliminating crop loss and reduction in the cost of production. Fyllo established in 2019, has crop-specific models including irrigation, nutrients, diseases, pests and weather management.
Padmaja Ruparel, the CEO and co-founder of IAN said that India has around a $7 billion market size which is growing at a rate of 18% YoY. With its crop model, farmers can cut short the input price and wastage and increase crop quality as well as quantity. IAN is very excited to work with Fyllo’s next-gen agricultural innovation which provides farmers with a solution on their mobile phones. Besides this, it also focuses to offer the best cultural practices at each stage of the crop.
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