Rural Fintech Jai Kisan Raises $50M in Debt and Equity in Funding Round

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Jai Kisan, a startup providing financial services in rural India, has raised $50 million (Rs 390 crore) in a combination of equity and debt in an ongoing funding round.

New investors GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures; existing investors Blume, Arkam Ventures, Mirae Asset, Snow Leopard Ventures and others are part of the Series B funding round.

Northern Arc, Alteria and MAS Financial contributed to the increase in debt. Jai Kisan will use the funds to expand its product line and improve customer experience.

“We were immediately struck by the opportunity Jai Kisan has to help enable better financing for rural Indians,” said George Roche of Yara Growth Ventures.

“Better access to credit can help micro, small and medium-sized enterprises grow their businesses while helping growers source products to improve their yield and quality,” said Erkki Aaltonen, managing director of Yara Growth Ventures.

Jai Kisan, who has Arjun Ahluwalia and Adriel Maniego as co-founders, said he has built a fully digital, low-cost point-of-sale farm finance that provides loans in 10 minutes.

“We will continue to build on this support and create impact in this underserved space, leveraging creative new age solutions and keeping customer experience at the heart of our beliefs,” said Ahluwalia, CEO of Jai. Kisan.

Jai Kisan said his roadmap includes digitizing the savings, insurance and payment experience for his users. The company’s app, Bharat Khata, saw 400% customer growth in three months.

Veda Corporate Advisors and Investec India acted as financial advisors to Jai Kisan for the fundraising.

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