Neobank Digivriddhi Raises $6 Million to Serve India's Dairy Farmers

Neobank Digivriddhi Raises $6 Million to Serve India's Dairy Farmers

Digivriddhi Technologies, a Bengaluru-based neobank catering to dairy farmers and microenterprises, has secured INR 50 crore ($6 million) in Series A funding. The round was led by Omidyar Network India, with existing investors Omnivore and InfoEdge Ventures joining in to double down on their support.

This fresh infusion of capital will fuel Digivriddhi's ambitious expansion plans, with the firm setting its sights on five key states: Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, and Maharashtra. The neobank aims to become the go-to financial partner for dairy farmers across these regions, providing them with seamless access to institutional credit, simplifying payments within the dairy value chain, and leveraging digital solutions to empower their businesses.

Digivriddhi's commitment to the dairy sector isn't new. In 2021, they secured $3.1 million in seed funding, demonstrating their early potential. Now, with this Series A round, they are poised to significantly scale their impact and reach, creating a more inclusive and prosperous ecosystem for dairy farmers.

Beyond geographical expansion, Digivriddhi plans to invest in technological innovation. They aim to further enhance their product portfolio, offering even more robust financial solutions tailored to the specific needs of dairy farmers and microentrepreneurs. This dedication to innovation aligns perfectly with Omidyar Network India's focus on supporting impactful solutions that empower underserved communities.

With its unwavering focus on dairy farmers and its commitment to leveraging technology for good, Digivriddhi is poised to "moo-ve" up and revolutionize the financial landscape for dairy communities across five Indian states. This Series A funding marks a significant milestone in their journey, and it will be exciting to see how they transform the lives of countless individuals through their innovative neobanking solutions

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December 5, 2023

Kalpana Maurya