Agritech startup Fyllo has raised $4 million in a fresh funding round led by India Quotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round.
The proceeds will be used to expand into new geographies and crops and develop more precision agriculture products, Fyllo said in a press release.
Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo essentially installs a farm IoT device containing several on-field sensors. It collects data from the soil, crop canopy, and environment around the crop. As mentioned above, the data is then analyzed by the company’s machine learning algorithms to help give recommendations to farmers on their mobile app, which supports all major Indian languages.
As per Fyllo, over 8,000 farmers are using its services on more than 50,000 acres and have consistently received 25% more yield, 80% export-quality produce, and 30% more income.
Fyllo is now looking to make its current offering widespread by expanding around its existing geographies and working on expanding its product offerings.
Earlier, the startup had raised $2 million in funding led by Triveni Trust, Ninjacart, and existing investor Indian Angel Network (IAN) in May 2022.
