The company also plans to launch crop insurance and focus on using data to build solutions for the agri industry.
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Fyllo’s IoT devices are designed to gather real-time data on various critical aspects of farming, including soil moisture levels, weather conditions, and crop health. It works with more than 5,000 farmers and has deployed more than 4,000 IoT devices across India covering more than 34,000 acres and over 15 crops.
“Farmers have been using technologies like drip, planters and harvesters to save cost on labours and natural resources. But now with precision agriculture, they are saving costs on all aspects of agriculture, be it input, labours and natural resources. With the real-time data using IoT and satellite, agritechs like Fyllo have rationalised the input usage and are saving at least 25% on the input costs and reduced the labour costs as well. It also saves around 30% of water usage,” said Sudhanshu Rai, cofounder of Fyllo.
So far, farmers have received 25-50% more income and saved input cost by 25%, according to the company that earns by selling the devices and annual subscription charges after that. Fyllo has so far raised a total of $2.2 million in a pre-Series-A round of funding with participation from 100X.VC, Lead Angels, IAN, Titan Capital, Singularity Funds and Venture Catalyst.
Farming in India is characterised by relatively smaller farm sizes and lower yields per hectare vis-à-vis global counterparts. This, coupled with fragmented, inefficient supply chains and unorganised retail, lends a uniqueness to the market. These unique market characteristics have led Indian agritech players to build ‘India-first’ business models with a larger focus and scale on the output market linkage side. The market is also seeing technology innovations in precision agriculture, quality assessment and digital traceability that can each be a large global opportunity.
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Experts said there is a sizable market opportunity for tech-led transformation in a traditionally inefficient sector. According to Avendus, agritech will drive the next wave of technology-led impact by growing at a CAGR of 50% over the next five years, addressing a $34 billion market by 2027.”While saving is one part of it, the precise usage of input brings 20% more yield and the best quality of produce, yielding better income for farmers. Though the adoption of precision agriculture is in the early stages, it is growing rapidly,” added Rai.
India is an agrarian country with the sector accounting for about 58% of the population and 14% of the GDP. While a majority of the technology-led players in Indian agriculture are B2B, there are a few in the B2C space as well, covering the entire chain from farm to fork and thereby, accreting a large profit pool. B2B players like Absolute Foods, Arya.Ag, Dehaat, Farmart, Captain Fresh, Vegrow, Bighaat, Agnext, Bijak among others and B2C players like Country Delight and Licious are occupying niches and creating value within their respective value chain/ subsectors in agritech, said Avendus.