Wednesday, May 22, 2024
HomeStart UpDairy fintech startup Digivriddhi bags $6mn in funding 

Dairy fintech startup Digivriddhi bags $6mn in funding 

Dairy fintech platform Digivriddhi Technologies (DGV) has successfully raised $6 million in a Series A funding round, with Omidyar Network India leading the investment. Notably, existing investors Omnivore and InfoEdge Ventures also joined in this funding round.

Established in 2019 by Ragavan Venkatesan, DGV focuses on providing dairy farmers and micro-enterprises access to institutional credit. The company intends to utilize the raised funds to broaden its outreach and foster technological innovation.

The fintech platform collaborates with dairy processors like Amul in Gujarat, facilitating simplified financial access for farmers. Its objective is to extend its range of banking and financial services products to regions such as Karnataka, Andhra Pradesh, Telangana, Maharashtra, and Madhya Pradesh.

“The dairy sector provides a key avenue to multiply the disposable income of Indian farmers,” Venkatesan, founder and CEO, DGV, said in a statement.

Transitioning to its second institutional fundraising, the startup is making noteworthy progress in its financial endeavors. In November 2021, it successfully secured a seed round of $3.1 million, with Omnivore and InfoEdge Ventures leading the investment. This round also saw contributions from certain angel investors. Now, as the startup embarks on its second institutional fundraising, it reflects the ongoing momentum and confidence in its growth trajectory.

“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, embedded within the dairy supply chain, promises access to convenient, affordable financial products and improve livelihoods for India’s dairy farmers,” Treasa Mathew, director, Omidyar Network India, was quoted as saying in the statement.

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