Triveni Trusts, Ninjacart, new investors Venture Catalysts, StarAgri, Kia Ora Ventures, Singularity Ventures, Mastermind Capital, previous investor IAN, and other angel investors led a $2 million investment round for Bengaluru-based agritech firm Fyllo.
According to a release, the business would utilize the money to grow into other markets and conduct research and development to support more crops.
About Fyllo startup
Fyllo, founded in 2019 by Sudhanshu Rai and Sumit Sheoran, now serves over 2,000 farmers and ten corporations throughout four Indian states, encompassing 20,000 acres of land.
Through its data-driven agri-science platform, the firm claims to improve the quality and quantity of agricultural produce. Its IoT system recognizes and measures the precise needs of plants in real-time, and an AI-powered agri-science platform gives farmers quick recommendations.
For each physiological stage of crop and soil, Fyllo claims to have developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management.
“Farmers have experienced the influence of technology and have become more adaptable.” We are seeking to invest in growing our brand to new countries and other crops now that we have got the investment,” Rai and Sheoran, the company’s founders, said in a statement.
Along with lowering cultivation costs, the platform assisted farmers in increasing production and profitability. Fyllo says that its services have saved farmers over 9 billion liters of water in total.
In addition, the business claims that its precise and AI-driven guidance to farmers helps them enhance agricultural output while lowering input costs. According to MK Dhanuka, managing trustee of Triveni Trust, farmers’ confidence in Fyllo’s proposal is over 100 percent.
Ninjacart, an agritech business, created a $25 million fund in March 2022 to support similar category entrepreneurs. The investment initiative, dubbed Agri Seed Fund, will fund such firms by participating in seed capital rounds. Ninjacart purchased SaaS-based smart solutions startup Tecxprt for an unknown sum just days after announcing the financing.
Walmart-owned Flipkart invested $145 million in Ninjacart last December, making it India’s largest agritech deal. The Tiger Global-backed business was valued at between $700 and $800 million in the financing.
Fyllo competes with agritech startups such as Absolute, which raised $100 million in its first institutional funding round a few days ago from Sequoia Capital India, Alpha Wave Global, and Tiger Global, Eeki Foods, which raised $6.5 million in Series A funding in April led by General Catalyst with participation from Avaana Capital and Better Capital, B2B startup AGRIM, which raised $10 million in Series A funding in February. Indian agritech entrepreneurs raised about $1.4 billion in capital across 189 agreements between 2014 and January 2022.