The move is likely to revolutionise the dairy Neo Banking space
Digivriddhi Technologies (DGV), a dairy industry-focussed Neo-Banking startup, has raised a $3.1 million Pre-Series-A round from Info Edge Ventures and Omnivore. Through its assisted digital platform, DGV has chosen to focus on India’s 75 million dairy farmers, providing them access to formal banking and world-class financial services.
DGV is currently working with some of India’s leading co-operatives dairy unions, and their respective milk cooperative societies and farmers, by providing them access to payments, liabilities, and asset products through its partnership with Federal Bank.
Commenting on the investment Ragavan Venkatesan, Founder and CEO, DGV, said, “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 an unmatched full-service platform for Dairy farmers.”
Kitty Agarwal, Partner, Info Edge Ventures, commented, “DGV is building a Neo-banking platform for 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.”
Shalini Warrier, Executive Director & Business Head- Retail, Federal Bank, said, “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 the re-imagining 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.”
