Dairy fintech platform DGV bags Rs 50 Cr in Series A led by Omidyar Network India

Dairy fintech startup Digivriddhi Technologies (DGV) has raised Rs 50 crore ($6 million) in a Series A funding round led by Omidyar Network India. The round also witnessed participation from existing investors Omnivore and InfoEdge Ventures. 

DGV will use the fresh funds to expand the company's outreach and advancements in technology. 

“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,” says Ragavan Venkatesan, Founder and CEO, DGV. 

Established in 2019 by Ragavan Venkatesan, DGV provides dairy farmers and microenterprise access to institutional credit while easing and digitising payments across the dairy value chain. 

In Gujarat, DGV collaborates with 75% of the region's dairy processors, including Amul, to establish the last mile financial access infrastructure for 3.6 million dairy farmers.

The platform is now extending its reach into Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, and Maharashtra, offering a wide range of banking, financial services, and insurance products.

DGV has also partnered with five leading banks, top dairy processors, and government entities to leverage its integrated dairy fintech and marketplace platform. 

Some of its notable achievements include building digital public infrastructure for digital bovine loans in partnership with RBIH (Reserve Bank of India Innovation Hub) to provide a frictionless and paperless loan journey for the dairy farmers of rural India. 

In November 2021, DGV raised a seed funding round of $3.1 million, spearheaded by Omnivore and InfoEdge Ventures, along with some angel investors.