India,2022: With 210 million tonnes of annual milk production in 2020-21, the contribution of the dairy sector is 5% to the national economy and employs 80 million dairy farmers directly. Although approximately only 30% farmers have access to institutional credit and balance, 70% remain dependent on informal credit.
To enable this, Digivriddhi Technologies Private Limited (DGV), India’s first integrated dairy fintech and marketplace platform is providing dairy farmer’s access to institutional credit with an objective to ease and digitalize the dairy value chain. In this endeavour DGV has partnered with GCMMF (AMUL) to create the last mile financial access infrastructure for 3.6 M dairy farmers in Gujarat.
Driven by the vision of the Hon’ble Prime Minister it is apparent that any delta change in dairy ecosystem will have a multiplier effect on the farmers disposable income. DGV plays an instrumental role in doubling farmers’ income by providing them BFSI access starting with simplifying payments to dairy farmers for the milk they pour at village-level milk societies, access to like digital cattle loans, digital cattle insurance, and marketplace to discover quality bovines. DGV PAY and DGV MONEY will form the foundation to reimagine financial inclusion for the Dairy farmers and Dairy Micro-Enterprises in a simple and seamless way.
Building DGV as India’s first integrated dairy fintech and marketplace platform, Ragavan Venkatesan, Founder MD and CEO of DGV, said, “If we need to multiply the farmer’s income then dairy provides us the best avenue to increase their disposable income. We first identified the cost &delay in accessing payments to the milk farmers and simplified the payment value chain through DGV PAY. Then we started addressing the basic banking needs & customized savings account for farmers, current account for milk societies.
Through DGV MONEY we simplified digital diary loans & insurance for milk societies & farmers. The direct integration with ERP systems across the dairy value chain DGV created an unique underwriting mechanism to facilitate digital working capital loans to milk societies and Digital cattle loans for the dairy farmers.
Since the livestock management industry is a $70-80 billion opportunity, where bovine discovery & pricing pose challenges DGV engineered DGV Connect to simplify the discovery and establish the connect between buyer & seller with embedded finance options for facilitating cattle loans, a one-stop platform progressively addressing all needs of a dairy farmer, right from veterinary services to green foliage, vaccines for cattle and dairy farming equipment in the long run.