Agrihawk Technologies, which operates agritech startup Fyllo, said on Friday that it has secured $2 million (around Rs 15.2 crore) in a funding round co-led by India Angel Network, Triveni Trust and Ninjacart.
The Bengaluru-based platform plans to use the fresh capital to expand its market footprint and focus on research and development to aid crop cultivation.
The round also participation from new investors including Venture Catalysts, StarAgri, Kia Ora Ventures, Singualrity Ventures and Mastermind Capital and some angel investors.
Founded in 2019 by Sudhanshu Rai and Sumit Sheoran, Fyllo’s 360-degree view dashboard - backed with real-time farm data - uses internet of things (IoT), artificial intelligence and agronomy to provide farmers with insights aimed at improving quality and quantity of their produce while reducing overall cost of production.
The startup claims to have expanded its services across 4 Indian states to over 2,000 farmers and 10 corporates.
“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,” said founders Rai and Sheoran in a statement.
The Indian Angel Network, founded in 2006, has been a prominent investor in India's startup ecosystem. With investors from 12 countries, the network is spread across seven locations, which includes cities in India and the UK.
“India Angel Network invests in change-making startups that have witnessed continuous business growth. The founders of Fyllo bring both passion and leadership with them and we are excited to be a part of this journey,” said Padmaja Ruparel, co-founder of India Angel Network.
“Fyllo’s specific, precise and AI-driven advice to farmers helps them increase their crop productivity and lower input cost. 100% customer retention reflects the farmer’s confidence in Fyllo’s offering. This will contribute to transforming the agriculture scenario of India,” said MK Dhanuka, managing trustee, Triveni Trust.
India’s agritech space has been garnering a lot of investor attention over the past few months. Earlier this month, agritech company Absolute raised $100 million across from Sequoia Capital India, Alpha Wave Global, and Tiger Global.
Last month, Eeki Automations Pvt. Ltd, which runs agritech startup Eeki Foods, secured $6.5 million (around Rs 50 crore) as a part of its Series A funding led by General Catalyst.