Dairy fintech startup Digi Vriddhi Technologies (DGV) has raised Rs 50 crore or about $6 million in a Series A round led by Omidyar Network India. Existing backers Omnivore and InfoEdge Ventures also doubled down in the round.
Earlier to this round, the Bengaluru-based brand had raised $3.1 million in a seed round in November 2021 led by Omnivore and InfoEdge Ventures along with some angel investors.
Founded 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. Through its assisted digital platform, DGV aims to focus on India’s 75 million dairy farmers, providing them access to formal banking and financial services.
In Gujarat, it claims to work with 75% of all dairy processors including Amul, to create the last mile financial access infrastructure for 3.6 million dairy farmers.
The startup is now expanding its footprint into Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh and Maharashtra, providing banking, financial services and insurance products.