Dairy-focussed neobanking startup Digivriddhi Technologies (DGV) has raised INR 50 Cr ($6 Mn) as a part of its Series A funding round led by Omidyar Network India, with participation from existing investors, including Omnivore and InfoEdge Ventures, among others.
The Bengaluru-based firm will deploy the fresh proceeds to expand its footprint across Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh and Maharashtra. It also plans to use the capital for tech innovation and growing its product portfolio.
Digivriddhi, launched by the founding member of IDFC Bank and its former business head Ragavan Venkatesan in 2019, offers dairy farmers and microenterprises access to institutional credit while easing and digitising payments across the dairy value chain. It offers banking access, other financial services and insurance products.
“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 have built a unique underwriting mechanism that facilitates digital working capital and bovine loans through DGV MONEY,” said Venkatesan.
He further added that in India, the livestock management industry presents a $70-$80 Bn opportunity. DGV CONNECT aims to address these gaps with embedded financing options.
In 2021, Digivriddhi bagged seed funding of $3.1 Mn led by Omnivore and InfoEdge Ventures.
According to an IMARC Group study, the dairy industry market size in India reached INR 16,792.1 Bn in 2023 which is expected to grow to INR 49,953.5 Bn by 2032, at a 13% compound annual growth rate (CAGR).
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