Digivriddhi Technologies (DGV), a pioneering dairy fintech startup, has secured a noteworthy INR 50 crores ($6 million) in a Series A funding round. The investment was led by Omidyar Network India, with strong support from existing investors Omnivore and InfoEdge Ventures, who doubled down on their commitment to DGV.
Founded in 2019 by Ragavan Venkatesan, DGV has emerged as a key player in providing dairy farmers and microenterprises access to institutional credit while digitizing payments across the dairy value chain. The startup boasts a substantial presence in Gujarat, collaborating with 75% of all dairy processors, including the renowned Amul, to establish last-mile financial access infrastructure for approximately 3.6 million dairy farmers.
Expanding its impact, DGV is now venturing into Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, and Maharashtra, offering a comprehensive suite of Banking, Financial Services, and Insurance (BFSI) products. The company’s innovative approach includes partnerships with leading banks, top dairy processors, and government entities to leverage its integrated dairy fintech and marketplace platform.
DGV’s groundbreaking initiatives include the establishment of digital public infrastructure for digital bovine loans in collaboration with the Reserve Bank of India Innovation Hub (RBIH). This initiative aims to provide a seamless and paperless loan journey for rural Indian dairy farmers, streamlining financial processes and enhancing accessibility.
Ragavan Venkatesan, the founder and CEO of DGV, highlighted the company’s commitment to simplifying the financial landscape for dairy farmers and micro-enterprises. Through products like DGV PAY and DGV MONEY, the startup has streamlined payment value chains, facilitated digital working capital, and pioneered unique underwriting mechanisms.
The significance of DGV’s mission is underscored by Treasa Mathew, Director at Omidyar Network India. Recognizing the vast potential within India’s 80 million dairy farmers, Mathew emphasized the integrated fintech and marketplace model as a transformative force. By embedding financial solutions within the dairy supply chain, DGV aims to provide convenient and affordable financial products, ultimately improving livelihoods for India’s dairy farming community.
This Series A funding marks DGV’s second institutional raise, building on a successful seed round of $3.1 million in November 2021. The startup’s trajectory reflects not only its innovative approach to dairy fintech but also the growing recognition of the sector’s potential to drive financial inclusion and uplift rural livelihoods. As DGV continues to expand its footprint and enhance its offerings, it stands poised to play a pivotal role in reshaping the financial landscape for India’s dairy farmers and micro-enterprises.