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Precision agri platform Fyllo raises $4 mn funding led by IndiaQuotient, SIDBI
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Wednesday, 05 June, 2024, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Agritech startup Fyllo has announced that it has raised $4 million in a fresh funding round led by IndiaQuotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and Kiaora participated in the round. The company will use the funds to expand into new geographies and crops and develop more precision agriculture products.
Global warming has led to significant climate change. It has reduced soil health and random attacks of diseases and pests have made agriculture uncertain. Through its precision agriculture platform, Fyllo has developed AI-based prediction models that can suggest good agri processes to farmers that bring about consistency in farm produce and quality.
Fyllo founders Sudhanshu Rai and Sumit said, “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.”
Currently, over 8,000 farmers are using the company’s services on more than 50,000 acre and have consistently received 25% more yield, 80% export-quality produce, and 30% more income. The company is now looking to make its current offering widespread by expanding around its existing geographies and working on expanding its product offerings.
Sahil Makkar from IndiaQuotient said, “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.”
He added, “We strongly believe in Fyllo’s potential to harness this shift, increase adoption rates in precision agriculture, and expand its product suite to reach millions of farmers across India. This endeavour elevates productivity and output quality and addresses climate challenges in agriculture.”
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