Dairy fintech startup DGV raises Rs 50 crore led by Omidyar Network India, others

Share via:

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

Enhancing tech capabilities

According to the startup, the raised capital will be instrumental in expanding reach and enhancing technological capabilities. DGV’s aim is to simplify and digitize the payment chain in the dairy sector, providing financial services to farmers and micro-enterprises.

What does DGV do?

Founded in 2019 by Ragavan Venkatesan, DGV provides dairy farmers and microenterprises access to institutional credit while easing and digitizing payments across the dairy value chain.

Ragavan Venkatesan, founder and CEO, DGV, said, “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. The livestock management industry presents a $70-80 billion opportunity with significant gaps in bovine discovery, pricing and productivity. DGV CONNECT addresses these gaps with embedded financing options and is progressively becoming a one-stop platform meeting all the needs of the Indian dairy farmer,” Ragavan added.

Providing financial access to millions of farmers

The startup claims to have established a strong presence in Gujarat, working with 75% of the region’s dairy processors, including Amul, to provide financial access to over 3.6 million dairy farmers. It is now extending its services to several other Indian states.

DGV has partnered with leading banks, dairy processors, and government entities. Notably, The startup has collaborated with RBIH (Reserve Bank of India Innovation Hub) to create a digital infrastructure for bovine loans, offering a seamless loan experience for rural farmers.

What does Omidyar Network India say about DGV?

Treasa Mathew, firector, Omidyar Network India, said “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, which is embedded within the dairy supply chain, promises to unlock access to convenient, affordable financial products and improve livelihoods for India’s dairy farmers.”

Join our new WhatsApp Channel for the latest startup news updates

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Dairy fintech startup DGV raises Rs 50 crore led by Omidyar Network India, others

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

Enhancing tech capabilities

According to the startup, the raised capital will be instrumental in expanding reach and enhancing technological capabilities. DGV’s aim is to simplify and digitize the payment chain in the dairy sector, providing financial services to farmers and micro-enterprises.

What does DGV do?

Founded in 2019 by Ragavan Venkatesan, DGV provides dairy farmers and microenterprises access to institutional credit while easing and digitizing payments across the dairy value chain.

Ragavan Venkatesan, founder and CEO, DGV, said, “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. The livestock management industry presents a $70-80 billion opportunity with significant gaps in bovine discovery, pricing and productivity. DGV CONNECT addresses these gaps with embedded financing options and is progressively becoming a one-stop platform meeting all the needs of the Indian dairy farmer,” Ragavan added.

Providing financial access to millions of farmers

The startup claims to have established a strong presence in Gujarat, working with 75% of the region’s dairy processors, including Amul, to provide financial access to over 3.6 million dairy farmers. It is now extending its services to several other Indian states.

DGV has partnered with leading banks, dairy processors, and government entities. Notably, The startup has collaborated with RBIH (Reserve Bank of India Innovation Hub) to create a digital infrastructure for bovine loans, offering a seamless loan experience for rural farmers.

What does Omidyar Network India say about DGV?

Treasa Mathew, firector, Omidyar Network India, said “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, which is embedded within the dairy supply chain, promises to unlock access to convenient, affordable financial products and improve livelihoods for India’s dairy farmers.”

Join our new WhatsApp Channel for the latest startup news updates

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

iOS 18.2 just added a faster way to message...

iOS 18.2 came packed with a lot of...

A popular technique to make AI more efficient has...

One of the most widely used techniques to...

ICAI Says Probe Into Alleged Audit Lapses At BYJU’S...

SUMMARY ICAI president Ranjeet Kumar Agarwal has revealed that...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!