Companies

DGV raises $3.1 m from Info Edge Ventures, Omnivore

Our Bureau Bengaluru | Updated on November 16, 2021

The dairy sector neo-banking start-up provides access to payments, liabilities, and asset products

Digivriddhi Technologies Private Limited (DGV), a dairy industry focussed neo-banking start-up has raised $3.1 million in pre-Series-A round from Info Edge Ventures and Omnivore.

Through its assisted digital platform, DGV is providing dairy farmers access to formal banking and financial services. DGV is currently working with some co-operative dairy unions and their respective milk co-operative societies and farmers, by providing them access to payments, liabilities, and asset products through its partnership with Federal Bank.

DGV was set up in 2019 by Ragavan Venkatesan, who previously was part of the founding team at both IDFC Bank and NPCI. DGV’s senior management includes Mukesh Ranjan, former RuPay Card Scheme and Jio Payments founding member, Ravi Singh, former NPCI HR Lead and Sorabh Mehta, former Business Lead at VISA Processing Services.

“We are delighted to welcome Info Edge Ventures and Omnivore to lead our first institutional round. Info Edge Ventures’ experience in scaling digital marketplaces, and Omnivore’s deep experience in Agtech, will allow us to create a full-service platform for dairy farmers,” said Ragavan Venkatesan, Founder and CEO, DGV.

Farmers lack access

Kitty Agarwal, Partner, Info Edge Ventures said the Indian dairy industry is the largest dairy market globally at $145 bn, engaging more than 75 million dairy farmers. “Despite the huge size of this industry and its importance to our livelihoods, dairy farmers lack access to basic financial products and services and even struggle to access cash conveniently. DGV is building a neo-banking platform for these dairy farmers by digitising the entire payment stack using Aadhaar, National Payment Switch and Micro ATM technology with plans to build various financial products customised to credit, insurance and other needs of these farmers. We are very excited to partner with Ragavan, who is extremely passionate about bettering the lives of these dairy farmers and bringing much needed financial inclusion to them.”

“We are excited to partner with Ragavan in his mission to provide class leading financial services to the 100 million stakeholders in India’s dairy sector,” Jinesh Shah, Managing Partner, Omnivore.

Shalini Warrier, Executive Director and Business Head - Retail, Federal Bank, said the bank’s partnership with DGV is another step towards expanding financial inclusion in the country. “Under this arrangement, we are providing API banking services across payments, liabilities, and relevant asset products to dairy farmers in Gujarat. DGV’s execution model is unique and aids reimagining of financial access to farmers. We intend to replicate this model in other parts of the country, and are confident that this collaboration with DGV, will revolutionise the dairy neo banking space”.

Published on November 16, 2021

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