Jai Kisan, a Mumbai-based fintech startup transforming rural financial services, has raised Rs 26.5 crore (about USD 3 million) in an extended Series B funding round. The funding was led by existing investors Mirae Asset Venture Investments, Unitary Fund, and Blume Ventures. This marks a significant milestone in the company’s journey to empower India’s underserved rural and agricultural sectors.
The funding round was completed by a special resolution carried out by Jai Kisan’s board for issuing 980 compulsory cumulative preference shares (CCPS) at an issue price of Rs 2,70,133 per share. Mirae Asset led the funding with an investment of Rs 12.5 crore, followed by Rs 12 crore from Unitary Fund and Rs 2 crore from Blume Ventures.
Established in 2017 by Adriel Maniego and Arjun Ahluwalia, Jai Kisan exists between rural commerce and financial services. The startup deals in digital financing and credit, which is specialised for rural economies and the farm sector in India. Through facilitating the absence of formal financial infrastructure, Jai Kisan enables credit to become accessible both in online and offline transactions, aimed at local economies where the availability of conventional banking systems is weak.
The innovative platforms of the company, including Jai Kisan Farmer and BharatKhata, have empowered 800,000 farmers and 100,000 rural enterprises across 11 states. These platforms aim to streamline financial transactions and enhance access to credit for individuals and small businesses in rural India.
While it has been expanding its rural fintech footprint, Jai Kisan had an operating revenue of over Rs 39 crore for the March-end 2024 fiscal year but had a loss of Rs 51 crore for the same period. The new capital infusion is likely to assist the company in building strength in products and reach across India’s huge rural landscape.
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Jai Kisan’s recent funding round reflects investors’ faith in its vision to revolutionise rural financial services in India. With technology-based solutions, the startup is set to solve key issues of credit access and financial inclusion for millions of small businesses and farmers.
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