[Funding alert] Banking platform DGV raises $3.1M in pre-Series A from Info Edge Ventures and Omnivore

Digivriddhi Technologies Private Limited (DGV), a dairy industry focussed neo-banking startup, announced on Tuesday that it has raised $3.1 million in pre-Series-A round from Info Edge Ventures and Omnivore.

Founded in 2019 by Ragavan Venkatesan, DGV is currently working with some of India’s leading co-operatives dairy unions and their respective milk co-operative societies and farmers, by providing them access to payments, liabilities, and asset products through its partnership with Federal Bank.

Through its assisted digital platform, DGV aims to focus on India’s 75 million dairy farmers, providing them access to formal banking and world class financial services.

Commenting on the investment, Ragavan Venkatesan, Founder and CEO of DGV, said,

“We are delighted to welcome Info Edge Ventures and Omnivore to lead our first institutional round. Info Edge Ventures’ experience in scaling digital marketplaces, and Omnivore’s deep experience in Agtech, will allow us to create an unmatched full-service platform for Dairy farmers”

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Further adding, Kitty Agarwal, Partner, Info Edge Ventures, stated, “Indian dairy industry is the largest dairy market globally at $145 billion, engaging more than 75 million dairy farmers. Despite the huge size of this industry and its importance to our livelihoods, dairy farmers lack access to basic financial products and services and even struggle to access cash conveniently."

"DGV is building a neo-banking platform for these dairy farmers by digitising the entire payment stack using Aadhaar, National Payment Switch and Micro ATM technology with plans to build various financial products customised to credit, insurance, and other needs of these farmers. We are very excited to partner with Ragavan who is extremely passionate about bettering the lives of these dairy farmers and bringing much needed financial inclusion to them,” he added.

Jinesh Shah, Managing Partner, Omnivore, said, “We would be hard pressed to find an entrepreneur better suited, or equipped, than Ragavan to take on a problem of this magnitude and complexity. We are excited to partner with Ragavan in his mission to provide class leading financial services to the 100 million stakeholders in India’s dairy sector.”