Dairy fintech startup Digivriddhi raises $6 million in funding led by Omidyar Network
fintech and marketplace platform Digivriddhi Technologies (DGV) has raised $6 million in a Series A funding round led by Omidyar Network India, the venture company said. Existing investors Omnivore and InfoEdge Ventures also participated in the round.
Founded in 2019 by Ragavan Venkatesan, DGV provides dairy farmers and micro-enterprises access to institutional credit. It plans to use the funds to expand its reach and drive technological innovation.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitThe fintech platform works with dairy processors including Amul in Gujarat to enable easier financial access for farmers. It aims to expand its banking and financial services products in 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.
This marks the second institutional fundraise for the startup. It raised a seed round of $3.1 million in November 2021 led by Omnivore and InfoEdge Ventures with some angel investors.
“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
