Dvara E-Dairy Raises $2 Million In Pre-Series A Funding The fund will be used to expand the company into newer geographies, scale up operations and invest in technology
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Dvara E-Dairy, an agri-fintech company incubated at the Dvara Venture Studio of Dvara Holdings, has raised $2 million in pre-Series A funding round led by Axilor and Dvara Venture Studio. The fund raised will be utilized to expand the company into newer geographies, scale up operations and invest in technology.
"Dvara E-Dairy empowers small dairy farmers with preventive and primary care for their cattle and enhances financial inclusion by leveraging new-age technologies. We are delighted to have Axilor as a partner with us in this journey and are confident that 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, Dvara E-Diary.
The company had impacted over 150,000 farmers in the country across seven states and tailored over 100 partnerships across the spectrum, claimed by the company in a statement.
"Dvara 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 them in their journey to become the pre-eminent platform for cattle farmers in India," said Ganapathy Venugopal, co-founder and CEO, Axilor.
Founded in 2019, Dvara E-Diary has been focused on solving the problems of small marginal dairy farmers by building an ecosystem platform and deploying new-age technologies that enable access to suitable financial and cattle management services for dairy farmers. Its Surabhi platform also provides comprehensive financial and cattle management solutions to India's small and medium dairy farmers.
"Dvara Venture Studio has been focused on incubating ventures that help address market failures in financial inclusion at scale. We are delighted to partner with Axilor and its team to help take Dvara E-Dairy to the next level inorder to help more than 90 million smallholder cattle farmers in India," said Samir Shah, executive vice-chair and co-founder, Dvara Holdings.
According to reports, the Indian dairy market size reached a value of nearly $144.55 billion in 2019. It is expected to grow at a CAGR of around 6 per cent in the forecast period of 2020-2025.