Rural Fintech Startup Jai Kisan Nets INR 26.5 Cr From Existing Investors

SUMMARY

Its shareholders passed a resolution on April 1 to allot CCPS worth INR 12.48 Cr to Mirae Asset, INR 11.90 Cr to Unitary Fund and INR 1.99 Cr to Blume Ventures

Jai Kisan has allotted a total of 980 compulsory convertible cumulative preference shares (CCPS) Series B6 to the aforementioned investors at a premium of INR 2,70,033

Founded in 2020 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a rural India-focussed neo bank that offers credit solutions in online and offline rural commerce environments

Rural fintech startup Jai Kisan has raised a funding of INR 26.47 Cr (around $3 Mn) from existing investors Mirae Asset, Unitary Fund and Blume Ventures.

As per the startup’s filing with the MCA, it has allotted a total of 980 compulsory convertible cumulative preference shares (CCPS) Series B6 to the aforementioned investors at a premium of INR 2,70,033.

Its shareholders passed a resolution on April 1 to allot CCPS worth INR 12.48 Cr to Mirae Asset, INR 11.90 Cr to Unitary Fund and INR 1.99 Cr to Blume Ventures.

Entrackr reported the development first.

Founded in 2020 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a rural India-focussed neo bank that offers credit solutions in online and offline rural commerce environments.

The fintech startup obtained a non-banking finance company (NBFC) licence in August last year after it bought a majority stake in supply chain financing company Kushal Finnovation Capital.

Back then, the startup said, “With the acquisition of a NBFC as its subsidiary, we will now be able to design and distribute more customised and diverse credit products to its farmer and business customers.”

“Going forward, the firm will not only originate loans but also co-lend in partnership with leading financial institutions including public sector banks in India,” it had added.

Jai Kisan’s Fintech Play

The startup claims to help farmers, retailers, and micro, small and medium enterprises (MSMEs) in affordable credit access. It has an application named Jai Kisan Farmer with more than 10K downloads where it offers loans and repayment options.

In April 2020, Jai Kisan launched a digital lender for rural businesses called Bharat Khata which claims to have clocked more than 100K rural businesses and served over 5 Mn individual customers to date.

So far, the startup claims to have catered to 8 Lakh farmers, worked with 1 Lakh rural businesses, serving across 11 states.

In 2022, Jai Kisan raised INR 390 Cr ($50 Mn) as a part of its ongoing Series B funding round in a mix of equity and debt.

The startup also counts Arkam Ventures, DG Daiwa Ventures and GMO Venture Partners among its investors.

Fintech Sector Reshaping India’s Growth Strategy

In the first quarter of the current fiscal year (Q1 FY25), fintech emerged as the most funded sector by bagging $739 Mn, as per Inc42’s report.

However, in terms of deal count, the fintech sector was behind ecommerce and enterprise tech, recording 33 deals.

The sectoral funding was led by Bengaluru-based fintech startup Zolve netting $251 Mn, ToneTag securing $78 Mn and Insurance Dekho bagging $70 Mn in Q1 FY25.

Yesterday, travel fintech startup Scapia secured $40 Mn in a Series B funding round led by Peak XV Partners, along with participation from existing investors Elevation Capital, Z47 and Binny Bansal’s 3STATE Capital.