The funding round was led by IndiaQuotient, along with participation from SIDBI Ventures Capital Ltd and existing investors.
Fyllo plans to deploy the fresh proceeds for expansion into newer crops and geographies, including Andhra Pradesh, Telangana, Tamil Nadu and Himachal Pradesh.
Founded by Sudhanshu Rai and Sumit Sheoran in 2019, the company offers software and hardware products to assist farmers with precision farming solutions.
Agritech startup Fyllo has raised a fresh funding of $4 Mn (around INR 33 Cr) led by IndiaQuotient, along with participation from SIDBI Venture Capital Ltd.
The startup’s existing investors Triveni Trusts, Indian Angel Network and KiaOra Ventures also took part in the round.
Bengaluru-based Fyllo plans to deploy the fresh proceeds for expansion into newer crops and geographies, including Andhra Pradesh, Telangana, Tamil Nadu and Himachal Pradesh.
It also aims to develop more precision agriculture products.
Founded by Sudhanshu Rai and Sumit Sheoran in 2019, the company offers software and hardware products to assist farmers with precision farming solutions.
While the software products offer live farm data, irrigation and fertiliser scheduling, disease and pest prediction, weather prediction and more, the hardware products Nero and Kairo help farmers with irrigation and data analysis, respectively.
Fyllo claims to have also developed AI-based prediction models to assist farmers with efficient farming practices.
“With this funding, we would like to work even more closely with farmers, build new and better products, and expand our reach to farmers and other geographies,” said Rai and Sheoran in a joint statement.
The company claims to serve more than 8,000 farmers and help them increase their income by 30%.
In 2020, Fyllo secured $2 Mn in a funding round led by Triveni Trusts, Ninjacart and new investors Venture Catalysts, StarAgri, KiaOra Ventures, Singularity Ventures, Mastermind Capital, existing investor IAN and other angel investors.
As tech penetration continues to rise through one of the world’s largest agricultural industries, Indian agritech startups are gaining a lot of traction from investors lately.
For instance, on Wednesday, agritech startup FarMart raised INR 24 Cr ($2.8 Mn) as part of its financing round from Swiss asset manager responsAbility Investments AG.
As per Inc42’s report, the Indian agritech sector secured more than $2.4 Bn in funding in 285 deals between 2014 and February 2024.
The market opportunity for agritech space is expected to reach $25 Bn by 2025.
