Jai Kisan funding
Fintech startup Jai Kisan has raised $30 million in a Series A round led by Mirae Assets. The round also saw participation from existing investors Blume Ventures, Arkam Ventures, NABVENTURES (NABARD), Prophetic Ventures, Better, other global investors, and prominent HNIs along with Syngenta Ventures.
Blacksoil, Stride Ventures, and Trifecta Capital offered the debt in the round. The company plans to use the freshly raised funds to recruit professionals and improve engineering and data science capabilities, extend into new geographies, and begin building an on-book portfolio, said the startup in a statement.
Veda Corporate Advisors was the sole financial advisor for the fundraise.
In a press statement shared by the company, Arjun Ahluwalia, Co-founder and CEO, Jai Kisan, said, “Despite the pandemic’s multiple waves, we have seen stellar growth on our top line and bottom line while ensuring robust portfolio quality. As most financial institutions took a step back due to reliance on ground operations, it was the resilient nature of our team that made Jai Kisan stand by its borrowers through these tough times.”
Established by Arjun Ahluwalia and Adriel Maniego, Jai Kisan strives to create financial inclusion for rural individuals and businesses. The startup offers digital financial services like credit for online and offline, income-generating, rural commerce transactions, etc.
Commenting on the investment, Ashish Dave, CEO of Mirae Asset India Venture Investments, said, “Jai Kisan is at the cusp of disrupting the rural financing industry and we’re glad to be a part of their growth story. Jai Kisan’s stellar growth, excellent asset quality, and expanding footprint make them a highly differentiated player in the segment.”
The startup uses the relationship between the business and the farmer and rural individuals in a B2B2C model to extend credit to farmers and rural individuals. The startup stated there is a lack of formalized credit that creates a dreadful and crucial challenge for rural businesses to grow.
Shubhang Shankar, Managing Director, Syngenta Group Ventures, said, “At Syngenta Group Ventures, we believe that access to credit is one of the key enablers for farmers to adopt quality practices. The low penetration of traditional financing institutions in the sector creates significant financial stress for small farmers.”
“We have been very impressed by the digitally-driven approach taken by Jai Kisan to manage the end-to-end flow of credit, thereby proving that it is viable to extend formal credit to small farmers and overcome structural challenges that have often kept inherently creditworthy farmers out of the formal financing ecosystem.”
He added, they expect that with this investment and the collaboration with important stakeholders in the Indian agricultural landscape, Jai Kisan will be able to offer its credit services to millions of underserved smallholder farmers in India and beyond.
“Jai Kisan launched Bharat Khata in April 2020 – a digital ledger and smart business solution for rural businesses to manage their business anytime, anywhere. The app has captured over $380 million (Rs 2,790 crore) of annualized GTV run-rate as of March 2021 at over 25,000 storefronts,” the startup said in the statement.
Jai Kisan has developed an amazing platform to promote financial inclusivity in rural India. I believe the company will reach new heights and benefit several individuals and small businesses. My best wishes to the team of Jai Kisan.Shishir Gupta, Founder and CEO, StartupLanes
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