In a Series A round headed by Omidyar Network India, dairy fintech startup Digi Vriddhi Technologies (DGV) has raised Rs 50 crore, or roughly $6 million. In the round, previous backers Omnivore and InfoEdge Ventures also increased their investment.
The Bengaluru-based company had previously raised $3.1 million in a seed round in November 2021, which was led by Omnivore and InfoEdge Ventures and included a few angel investors.
DGV was established in 2019 by Ragavan Venkatesan to facilitate and digitize payments throughout the dairy value chain while giving institutional credit access to dairy farmers and microenterprises. DGV wants to give access to formal banking and financial services to 75 million dairy farmers in India through its assisted digital platform.
It states that it collaborates with 75% of dairy processors in Gujarat, including Amul, to build the infrastructure necessary for 3.6 million dairy farmers to have last-mile financial access.
With banking, financial services, and insurance products, the startup is currently growing into Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, and Maharashtra.
