Mumbai-based fintech startup Jai Kisan secures funding of ₹26.5 crore (approximately $3 million) in an extended Series B funding round. The round saw participation from existing investors, including Mirae Asset Venture Investments, Unitary Fund, and Blume Ventures. The investment aligns with Jai Kisan’s mission of digitizing financial services for rural India. The fresh capital will help the company expand its loan disbursal infrastructure, strengthen its digital credit platform, and enhance financial accessibility for farmers and small businesses.
The funding details reveal that the company allocated 980 compulsory cumulative preference shares (CCPS) at an issue price of ₹2,70,133 per share. Mirae Asset led the round with ₹12.5 crore, while Unitary Fund and Blume Ventures contributed ₹12 crore and ₹2 crore, respectively. Jai Kisan, founded by Arjun Ahluwalia and Adriel Maniego, has been instrumental in bridging the credit gap for India’s rural economy. With an NBFC license obtained in August 2023, the startup has positioned itself as a rural-focused neobank, helping farmers, retailers, and MSMEs access affordable loans. Despite reporting a ₹51 crore loss in FY24, the company recorded an operating revenue of ₹39 crore, demonstrating growth potential.
1. Jai Kisan: Revolutionizing Rural Fintech in India
1.1 Overview of Jai Kisan’s Business Model
Jai Kisan operates as a rural-focused neobank, providing credit solutions for transactions in both online and offline rural commerce. The company aims to simplify the lending process for India’s agriculture-dependent population, offering a digital financial ecosystem where farmers and rural entrepreneurs can easily access loans.
1.2 Revenue Model and Market Position
Jai Kisan generates revenue through interest on loans, financial service fees, and partnerships with agribusinesses. The company also collaborates with financial institutions to co-lend and distribute customized credit products. Despite a ₹51 crore loss in FY24, the startup’s ₹39 crore operating revenue signifies market traction and a growing user base.
1.3 Founders and Their Background
Jai Kisan was co-founded in 2017 by Arjun Ahluwalia and Adriel Maniego. Both bring a strong financial and technological background, contributing to the startup’s vision of bridging India’s rural credit gap. Their expertise has helped Jai Kisan become a leading player in India’s fintech sector.
1.4 Key Services and Products
- Jai Kisan Farmer App: A digital platform for farmers to apply for loans and manage repayments.
- Bharat Khata: A digital lending solution for rural businesses, launched in 2020, serving 100K+ rural enterprises and 5 million customers.
- NBFC Operations: Jai Kisan acquired a 75% stake in Kushal Finnovation Capital Private Limited to operate as an NBFC.
2. Funding Breakdown and Future Plans
2.1 Jai Kisan secures funding. Details of the round
- Total Raised: ₹26.5 crore ($3 million)
- Investors: Mirae Asset (₹12.5 crore), Unitary Fund (₹12 crore), Blume Ventures (₹2 crore)
- Shares Issued: 980 CCPS at ₹2,70,133 per share
- Current Valuation: Estimated at $180 million post-allotment
2.2 Previous Funding and Growth Trajectory
In 2022, Jai Kisan raised ₹390 crore ($50 million) in a mix of equity and debt. The startup’s continued financial backing underscores investor confidence in its scalability and impact on rural financial inclusion.
2.3 Expansion and Strategic Goals
The newly acquired funds will support:
- Scaling Jai Kisan’s lending operations across India’s 11 rural states
- Developing more customized credit solutions for farmers and MSMEs
- Expanding the digital infrastructure to ensure seamless loan disbursement
- Strengthening partnerships with banks and financial institutions for co-lending opportunities
3. Learning for Startups and Entrepreneurs
3.1 Importance of Rural Fintech Innovation
Startups should explore underpenetrated markets like rural India, where financial solutions remain scarce. Jai Kisan’s success demonstrates the potential of fintech in driving rural economic growth.
3.2 Strategic Fundraising for Growth
Securing funding at different stages is crucial. Jai Kisan’s ability to attract investors in an extended Series B round highlights the importance of strong financial planning and investor relations.
3.3 Leveraging Digital Transformation in Finance
By digitizing financial services, startups can create scalable and inclusive models that bridge market gaps. Jai Kisan’s use of technology to simplify credit access is a model for fintech companies targeting underserved demographics.
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