Agri-fintech firm Dvara E-Dairy Solutions Pvt Ltd on Wednesday said it has raised pre-Series A funding of $2 million (around Rs 15.4 crore) from Axilor and Dvara Venture Studio, an initiative of Dvara Holdings.
The platform plans to use the fresh funds to expand into newer geographies, scale up operations and invest in technology.
Founded in 2019, Dvara E-Dairy Solutions is an agri fintech company incubated at the Dvara Venture Studio of Dvara Holdings (formerly Dvara Trust).
The firm focuses on solving problems of small and marginal dairy farmers by building an ecosystem and deploying technologies and providing access and scale in financial services and cattle management services.
"...this investment will propel us forward in our mission to enhance the livelihoods of millions of small and medium dairy farmers across the country,” said Ravi K.A., CEO of Dvara E-Dairy Solutions.
Ganapathy Venugopal, Co-Founder and CEO of Axilor, noted that India's dairy economy is worth over $140 billion.
"E-Dairy, through its technology, can play a significant role in ascertaining identity, improving cattle health and enhancing financial access to cattle farmers. We are excited to partner with E-Dairy in their journey to become the pre-eminent platform for cattle farmers in India,” added Venugopal.
Axilor provides seed funding to startups across SMB (small and midsize business) digitization, commerce and logistics, enterprise, fintech and healthtech.
Its investments include Enkash, Vyapar, UrbanPiper, Wiz Freight, Locofast, Detect, Medfin, 5CN, Loco and Headfone.
Several startups in the larger agritech segment have managed to pull in funding from strategic players and investors.
In April, agritech platform Agrizy secured seed funding of $4 million (around Rs 30 crore) led by Ankur Capital, with participation from Omnivore and angel investors including Rajesh Yabaji (CEO, BlackBuck) and Zetwerk’s Co-founders Srinath Ramakkrushnan, among others.