Funding Alert

Omidyar Network India Leads Rs 50 Crore Series A Funding for Dairy Fintech Platform DGV

• ByStartupStory     |    December 5, 2023

Dairy fintech startup Digivriddhi Technologies (DGV) has successfully secured Rs 50 crore ($6 million) in a Series A funding round led by Omidyar Network India. Existing investors Omnivore and InfoEdge Ventures also actively participated in the funding, emphasizing confidence in DGV’s growth trajectory. The freshly acquired capital will be pivotal in fueling the company’s expansion initiatives and furthering technological advancements.

Founder and CEO Ragavan Venkatesan shared insights into DGV’s mission, stating, “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.”

Established in 2019 by Ragavan Venkatesan, DGV has been instrumental in providing dairy farmers and microenterprises access to institutional credit, simultaneously streamlining and digitizing payments throughout the dairy value chain.

In the state of Gujarat, DGV has successfully collaborated with 75% of the region’s dairy processors, including the renowned Amul, to establish last-mile financial access infrastructure for 3.6 million dairy farmers. The platform is ambitiously extending its reach into Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, and Maharashtra, offering a comprehensive suite of banking, financial services, and insurance products. DGV has strategically partnered with five leading banks, top dairy processors, and government entities, leveraging its integrated dairy fintech and marketplace platform.

Among its notable achievements, DGV has successfully built a digital public infrastructure for digital bovine loans in partnership with RBIH (Reserve Bank of India Innovation Hub). This initiative aims to provide a frictionless and paperless loan journey for the dairy farmers of rural India. In November 2021, DGV had previously raised a seed funding round of $3.1 million, spearheaded by Omnivore and InfoEdge Ventures, along with support from angel investors. The recent Series A funding marks a significant milestone for DGV as it continues to make strides in revolutionizing financial inclusion for India’s dairy sector.

 

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