Agrihawk Technologies, which operates agritech startup Fyllo, has secured $2 million (around Rs 15.2 crore) in a funding round co-led by India Angel Network, Triveni Trust and Ninjacart.
New investors, including Venture Catalysts, StarAgri, Kia Ora Ventures, Singualrity Ventures and Mastermind Capital and some angel investors, also participated in the funding round.
The Bengaluru-based startup plans to use the fresh capital to expand its market footprint and focus on research and development to aid crop cultivation.
Fyllo | Making Agriculture Profitable And Sustainable
Founded by Sudhanshu Rai and Sumit Sheoran in 2019, Fyllo is an agritech startup that is harnessing the potential of technology to make agriculture profitable and sustainable.
Its 360-degree view dashboard, backed with real-time farm data, uses the internet of things (IoT), artificial intelligence and agronomy to provide farmers with insights aimed at improving the quality and quantity of their produce while reducing the overall cost of production.
Speaking on the development, Sudhanshu Rai and Sumit Sheoran, the Co-founders of Fyllo, said,
“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.”
The Bengaluru-based startup claims to have expanded its services across 4 Indian states to over 2,000 farmers and 10 corporates.
Growth Of Agritech Sector In India
In recent months, the Indian agritech space has been garnering a lot of investor attention. From this year’s January to April, several agritech startups, including Poshn, IoT-enabled agritech platform CultYvate and Gurugram-based Otipy, raised funds.
Several industry stakeholders are also helping the next generation of agritech entrepreneurs and small businesses to build a sustainable future. In April this year, agritech-focussed venture capital firm Omnivore launched its third fund to invest in early-stage startups developing breakthrough technologies for agriculture, food, climate, and the rural economy.
In March 2022, Ninjacart launched an agri seed fund worth $25 million to support emerging and new-age agritech startups.
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