Description
Fyllo helps farmers make on-farm decisions. Farmers lack real-time farm and hence are indecisive at key points. It leads them to use trial and error and avail all options. Fyllo is bridging this gap by bringing real-time data to the farmers using IoT devices deployed at farms and providing decision support through a mobile app. It increases the cost of production and reduces the quantity and quality of produce It provides real-time data on climate, irrigation, crop, etc of the farm through the mobile application and helps the farmers make decisions. It in turn helps the farmers to decrease their cost of production and increase the quality and quantity of the produce. Horticulture farming is 25MN hectare out of 160 MN hectare total agricultural land. The target market size for the company is $3BN.
Details of the round –
The company is looking to raise a total of 3 crs in this round.
They have divided this amount into two parts:
1. INR 1.5 Cr with a SAFE Note with a cap of INR 15 Cr (post-money) effective pre-money valuation of 13.5 crs fixed – In this Angels, Government Grants, etc. will invest.
The company has already received a commitment of INR 1.01 Cr from Individual HNI Investors, Government Grants, and from 100x.VC
SAFE Note – A ‘Safe’ note stands for Simple Agreement for Future Equity. It is a convertible instrument that an investor gets in return for making a cash investment in a startup. Like a CCPS, a Safe note allows the investor to buy equity shares in a future priced round. It is an interest-bearing preference share is convertible into equity shares, either on the occurrence on specified liquidity events such as a next pricing or valuation round, merger or acquisition; or at the end of three years from the date of issue, whichever is earlier.
2. INR 1.5 crs through a priced round where the pre-money valuation (floor) is 15 crs – in this Micro VCs and Larger VCs will invest.
The company is looking to raise 50 lacs from Lead Angels Network. The minimum commitment towards the company is INR 5 Lakhs. In case commitments exceed the ask amount, allotment will be on the “First Come, First Serve” basis.
