Agritech startup Fyllo on Friday said it has raised USD 2 million (over Rs 15 crore) in a funding round led by Triveni Trust, Ninjacart and existing investor IAN.
New investors, including Venture Catalysts, StarAgri, Kia Ora Ventures, Singularity Ventures and Mastermind Capital, also took part in the round, the company said in a statement.
The capital raised will be used for expansion to new markets and towards research and development to support more crops, it added.
The startup has developed crop-specific models for irrigation, nutrients, diseases, pests and weather management for each physiological stage of crop and soil. Its Internet of Things (IoT) enabled system measures precise requirements of plants on a real-time basis and provides timely advice to farmers.
Fyllo co-founders Sudhanshu Rai and Sumit said farmers have seen the impact of technology, and the adaptability has increased. Having received the funding, the company is looking to invest in expanding the brand to new markets and more crops.
On its investment in Fyllo, Triveni Trust managing trustee M K Dhanuka said, “Fyllo’s specific, precise and AI-driven advice to farmers helps them increase their crop productivity and lower input cost. 100 per cent customer retention reflects the farmer’s confidence in Fyllo’s offering. This will contribute to transforming India through agriculture.” Kia Ora Ventures managing director Balvinder Singh Kalsi said, “Fyllo’s offering is a great example of bringing precision farming technology to Indian farmers. This is another step towards doubling farmers’ income. We are happy to be a part of Fyllo’s future journey.” IAN co-founder Padmaja Ruparel said the company invests in changemaker –startups like Fyllo — which have witnessed continuous business growth. PTI RKL HVA
