Rural fintech startup has raised $50 million (Rs 390 crore) in a combination of equity and debt in the first close of its ongoing Series B round.
Jai Kisan aims to use the proceeds to expand its product suite, accelerate the growth of existing products, strengthen talent, and boost data science and engineering capabilities, the company said.
The startup onboarded new investors—GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures—while existing partners, including Blume Ventures, Arkam Ventures, Mirae Asset, Snow Leopard Ventures, and others, also participated in the round.
Northern Arc, Alteria, and MAS Financial contributed to the debt raise, the startup said in a statement.
Earlier in 2021, the Mumbai-based startup had raised $30 million (Rs 217 crore) in a combination of equity and debt as a part of its Series A round led by Mirae Asset, followed by a debt round of $3.3 million (Rs 25 crore) from Trifecta Capital.
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, rural fintech startup Jai Kisan offers point-of-sale (POS) credit for transactions in online and offline rural commerce environments to individuals and rural businesses.
It partners with equipment dealers, agriculture retailers, collection centres, and market linkage platforms to directly provide credit to farmers in the agriculture, poultry, and dairy value chain.
Last year, it also launched Bharat Khata, which offers a digital ledger for rural businesses. The company recorded a revenue of Rs 4.96 crore in FY21 and a loss of Rs 3.36 crore during the same period.
“Better credit access can help micro, small, and medium enterprises grow their businesses, while helping growers afford products to improve their yield and quality,” says Erkki Aaltonen, Managing Director of Yara Growth Ventures.
Jai Kisan’s roadmap includes digitising savings, insurance, and payment experience for users.
