In its Series A fundraising round, dairy fintech firm Digivriddhi Technologies (DGV) raised INR 50 crores ($6 million), with Omidyar Network India leading the round. In the round, returning investors InfoEdge Ventures and Omnivore also increased their investment.
It intends to push technical innovation and broaden its reach with the money.
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 nation’s first fully integrated dairy fintech and marketplace platform, seeks to improve dairy farmers’ livelihoods by fostering the dairy industry as a whole.
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.”
About Digivriddhi Technologies
The goal of Digivriddhi Technologies is to serve as a one-stop shop for India’s 80 million dairy farmers, enabling them to become enduring partners in their development and success. The payments for the dairy value chain are made simpler with DGV PAY. For dairy producers and milk societies, DGV MONEY offers digital dairy loans. With built-in digital financing alternatives, DGV CONNECT is an integrated bovine marketplace platform that links buyers and sellers.