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Digivriddhi Technologies (DGV), a fintech start-up serving the dairy industry, has raised $6 million in a funding round led by Omidyar Network India. The Series A round saw participation of existing investors Omnivore and InfoEdge Ventures.
DGV, which is based in Mumbai and was founded in 2019, will use the money to improve technology and expand business in Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh and Maharashtra. The company said it aims to provide banking, financial services, and insurance (BFSI) products to customers.
The company said it works with 75 per cent of all dairy companies in Gujarat, including Amul, to provide financial services to 3.6 million farmers. “The dairy sector provides a key avenue to multiply the disposable income of Indian farmers,” said Ragavan Venkatesan, founder and chief executive officer of DGV.
The company said in partnership with RBIH (Reserve Bank of India Innovation Hub it has built a public infrastructure for providing digital loans to dairy farmers.
“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,” said Venkatesan.
“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,” said Treasa Mathew, director, Omidyar Network India.
DGV raised $3.1 million in November 2021 in seed funding round led by Omnivore and InfoEdge Ventures and attended by angel investors.
