Fyllo in talks to partner Coromandel International and Dhanuka Agritech to widen farmers reach
Fyllo said it is in talks to partner corporates such as Coromandel International and Dhanuka Agritech among others to widen their reach through a large set of farmers with their strong channel and forces on the ground.
The company said revenues tripled this year driven by new products such as Nero and building channel partners to boost sales. It expects sales to grow four times in 2024.
«We have a strong product market fit with 100% customer retention.
While 80% of farmers have purchased additional devices, word of mouth has played a huge role in getting the new customers. Farmers are consistently getting 25% better yield and 45% more income,» said Sudhanshu Rai, cofounder of Fyllo that works with more than 5000 farmers.
India's agritech market is US$204 million but has a significantly low market penetration of 1 percent of the overall agritech market potential, according to a Deloitte CII report.
With the penetration of technology, this sector can unleash massive opportunities for new agritech start-ups and expansion opportunities for existing ones.
«The government is making an effort to build an interoperable, open-source agricultural DPI for creating farmer-centric solutions and supporting the agritech industry and start-ups. Technology will transform the entire farming production cycle, from sowing to production to distribution, thereby reshaping the future of the industry.
