Technological advancements in agritech startup systems provide an extraordinary chance to create innovation within the traditional industry. To address the issues, artificial intelligence, robots, sensors, the Internet of things, Artificial Intelligence, Machine Learning, and Data-Driven intelligence are now being used.
While the government’s recent reforms such as the deregulation of Agricultural Produce Market Committee marketplaces are expected to boost the agricultural sector, the full potential of agriculture in India can only be realized through widespread adoption of technology.
Poshn: Revolutionizing Wholesale Commodity Trade
Poshn, founded in 2020, has become a pioneer in the agritech space by making wholesale trade more efficient and seamless. By offering full-stack services, Poshn enables wholesale buyers to connect directly with millers and stockists. Their innovative approach addresses inefficiencies in the B2B ecosystem, providing a cost-efficient solution for SMEs.
Poshn leverages a proprietary AI model to break demand requests into smaller segments, mapping them with multiple suppliers for optimal matches. This reduces the time to trade significantly, from weeks to minutes. The platform’s top-line technology layer integrates clusters of intelligence engines, including AI and machine learning, for functions such as price discovery, reverse auctioning, and matching the right fulfillment partner.
Impressive Growth and Funding
With $6 million in funding from prominent investors like Prime Venture Partners and Zephyr Peacock India, Poshn has rapidly expanded. In the last financial year, the platform witnessed a total revenue of INR 510 crore, with a current run rate of INR 60 crore per month. Poshn aims to be a $1 billion Annual Run Rate platform in the next 4-5 years, catering to a global clientele.
Fyllo: Empowering Farmers with IoT and AI
Fyllo, a standout agritech startup, has recorded a threefold jump in revenue in FY23. This growth is attributed to farmers adopting data and analytics extensively, resulting in reduced costs and increased crop yields. Fyllo’s focus on providing holistic solutions includes plans to introduce crop insurance and develop data-driven solutions for the agriculture industry.
IoT Devices for Real-Time Insights
Fyllo’s IoT devices play a crucial role in collecting real-time data on farming aspects such as soil moisture, weather conditions, and crop health. With over 4,000 devices deployed across 34,000 acres and 14 crop types, Fyllo has positively impacted over 5,000 farmers. Farmers using Fyllo devices have experienced a remarkable 25-50% increase in income and a 25% reduction in input costs.
AI Revolution at Fyllo
Fyllo utilizes AI across various use cases. Predicting weather with a highly precise farm-level model, assessing crop health and identifying stages through satellite imagery, and predicting diseases and pests are among the numerous applications. Fyllo’s extensive data pool of over 2 billion points supports a robust system with more than 180 machine-learning models providing insights about crops, diseases, and climate.
Successful Funding and Future Endeavors
Fyllo has secured USD 2.2 million in funding through a pre-series A round, with participation from notable investors. The company plans to continue its growth trajectory by expanding its offerings and further contributing to the evolution of technology-driven agriculture.