Digivriddhi Technologies (DGV), a dairy fintech firm, recently completed its Series A fundraising round, raising INR 50 crores ($6 million). The round was spearheaded by Omidyar Network India, with returning investors InfoEdge Ventures and Omnivore also increasing their investment in the company.
The aim is to utilize the funds to drive technical innovation and expand its outreach.
Ragavan Venkatesan, founder and CEO, DGV, said, “The dairy sector provides a key avenue to multiply the disposable income of Indian farmers. With DGV PAY, we simplified the payment value chain for dairy farmers and micro-enterprises, helping with their basic banking needs. Integrating ERP systems across the dairy value chain, we’ve built a unique underwriting mechanism that facilitates digital working capital and bovine loans through DGV MONEY. The livestock management industry presents a $70-80 billion opportunity with significant gaps in bovine discovery, pricing and productivity. DGV CONNECT addresses these gaps with embedded financing options and is progressively becoming a one-stop-platform meeting all the needs of the Indian dairy farmer.”
Digivriddhi Technologies, the pioneer in the nation’s fully integrated dairy fintech and marketplace platform, endeavors to enhance the livelihoods of dairy farmers by fostering growth in the entire dairy industry.
Treasa Mathew, firector, Omidyar Network India, said “India’s 80 million dairy farmers represent a large segment of the #NextHalfBillion that is underserved by financial institutions due to the lack of reliable data to estimate their incomes. DGV’s integrated fintech and marketplace model, which is embedded within the dairy supply chain, promises to unlock access to convenient, affordable financial products and improve livelihoods for India’s dairy farmers. We are very excited to back a team that is deeply committed to improving financial well-being and sustainability for India’s dairy farmers and micro-enterprises.”
