Rural Fintech Startup Jai Kisan Raises $50 Million In Funding
Jai Kisan, a rural fintech startup, has raised Rs 390 Cr ($50 Mn) in its ongoing Series B funding round in a mix of equity and debt.
Existing investors, including Blume Ventures, Arkam Ventures, Mirae Asset, and Snow Leopard Ventures, and new investors– GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures, invested in the equity funding round. The debt fundraising part saw participation from Northern Arc, Alteria and MAS Financial.
As per the startup, the freshly raised funds will be used to expand the product suite, hire talent and also to boost data science and engineering capabilities.
Jai Kisan | Sustainable Finance For Rural Emerging Markets
Founded by Arjun Ahluwalia and Adriel Maniego in 2020, Jai Kisan is a rural India-focussed neo bank providing sustainable finance for rural emerging markets and offers credit solutions in online and offline rural commerce environments.
The startup provides low-cost and timely financing for agricultural equipment, dairy equipment and other rural yield generational assets.
Commenting on the development, Erkki Aaltonen and George Roche from Yara Growth Ventures said,
“We were struck by the opportunity that Jai Kisan has to help enable better financing to rural Indians. Better credit access can help micro, small and medium enterprises grow their businesses while helping growers afford products to improve their yield and quality.”
Jai Kisan aims to offer full-stack financial services to individuals and businesses in rural areas of the country and digitise savings, insurance, and payment offerings for its users. The rural fintech startup claims to have an annual loan disbursal run rate of over $220 Mn, clocking a 4x revenue growth in the last 12 months.
In April 2020, the startup launched a digital lender for rural businesses called Bharat Khata. Under its BNPL credit solution, the startup claims to have added 400% new customers to its base in the last three months. As per the startup, its Bharat Khata app has clocked over 100K rural businesses and served over 5 Mn individual customers to date.