Agri firm Fyllo announced it raised $4 million in a new funding round led by IndiaQuotient and SIDBI Ventures.
Existing investors Triveni Trusts, IAN, and KIAORA also participated. Fyllo plans to use the funds to expand into new regions and crops and develop more precision agriculture products.
“We are seeing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90% of their decisions. 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 Sudhanshu Rai, cofounder of Fyllo.
India’s agriculture sector supports about 58% of the population and contributes 14% of the GDP. Most technology-led players in Indian agriculture operate in the business-to-business (B2B) space. Still, some business-to-consumer (B2C) outcomes cover the entire chain from farm to fork and generate significant profits.
B2B players like Absolute Foods, Arya.Ag, Dehaat, Farmart, Captain Fresh, Vegrow, Bighaat, Agnext, and Bijak, and B2C players like Country Delight and Licious, are creating value in their respective niches in agritech, according to an Avendus report.
Fyllo’s precision agriculture platform uses AI-based prediction models to suggest efficient agri processes to farmers, ensuring consistent farm produce and quality.
Over 8,000 farmers use Fyllo’s services on more than 50,000 acres, achieving 25% more yield, 80% export-quality produce, and 30% more income.
“The Indian agricultural sector has long grappled with the uncertainties of erratic weather and crop wastage, causing farmers to fall short of meeting global benchmarks for productivity, efficiency, and output quality. However, a new generation of farmers is emerging, equipped with technological know-how and a willingness to adopt innovative practices to drive improvement,” said Sahil Makkar, vice-president at IndiaQuotient.
Farmers using the Fyllo platform have also cut chemical usage by 35% and reduced irrigation needs by about 50%, leading to significant environmental benefits.
