The startup will use the capital for its expansion to new markets and research and development to support more crops. It had earlier received funding from 100X.VC.
Speaking on the development, co-founders Sudhanshu Rai and Sumit Sheoran said,
“We believe Fyllo will help farmers to improve production by 25 percent, and the total cost of production will also reduce by $700. Plus, there will also be an improvement in export quality by up to 81 percent, thereby fetching double the price on increased export produce. Having received the funding from IAN, we are looking to invest in expanding our brand to new markets.”
Coming from families who are associated with agriculture, Fyllo co-founders were involved in agriculture since their childhood, which led them to recognise the practical challenges farmers face.