Agri-tech Fyllo raises $2 million from Triveni Trust, IAN and others

Agriculture technology startup Fyllo has raised $2 million in funding led by Triveni Trust, Ninjacart, and existing investor Indian Angel Network (IAN), the Bengaluru-based firm said on May 13.

The round also saw participation from new investors such as Venture Catalysts, StarAgri, Kia Ora Ventures, Singularity Ventures and Mastermind Capital.

“Farmers have seen the impact of technology and the adaptability has increased. Having received the funding, we are looking to invest in expanding our brand to new markets and more crops,” founders Sudhanshu Rai and Sumit Sheoranand said.

Founded in 2019, Fyllo’s data-driven agri-science platform has developed crop-specific models for irrigation, nutrients, diseases, pests, and weather management for each physiological stage of crop and soil.

Its IoT (Internet of Things) system understands and measures the precise requirements of plants on a real-time basis and then an agri-science platform backed by artificial intelligence provides timely advice to farmers, the company said.

“Fyllo’s specific, precise and AI-driven advice to farmers helps them increase their crop productivity, lower input cost, and 100 percent customer retention reflects the farmer’s confidence in Fyllo’s offering. This will contribute to transforming India through agriculture. We are excited about our investment in Fyllo,” MK Dhanuka, Managing Trustee, Triveni Trust, said.

Ninjacart co-founder and CEO Thirukumaran Nagarajan said, “Fyllo provides actionable insights through a combination of technology, science, and data. We look forward to working with Fyllo team to expand their distribution through Ninjacart’s farmer network across the country.”

In June 2021, the startup had raised Rs 3 crore from IAN, Titan Capital, and Lead Angels.

IAN co-founder Padmaja Ruparel said, “IAN invests in changemaker-startups like Fyllo—which have witnessed continuous business growth. The founders bring both passion and leadership and we are excited to be a part of the Fyllo journey."

Fyllo has expanded its services to more than 2,000 farmers and over 10 corporates covering 20,000 acres in four states of the country.