Jai Kisan, a rural fintech firm, has raised INR 390 Cr ($50 Mn) to expand its product suite, hire talent and also boost data science and engineering capabilities. The funding is a part of its current Series B fundraising round, which is a combination of stock and debt.
Founded in 2020 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a rural India-focussed neo bank that offers credit solutions in online and offline rural commerce environments. It aims to offer full-stack financial services to individuals and businesses in rural areas of the country.
“We were struck by the opportunity that Jai Kisan has to help enable better financing to rural Indians. Better credit access can help micro, small and medium enterprises grow their businesses while helping growers afford products to improve their yield and quality,” Erkki Aaltonen and George Roche said from Yara Growth Ventures.
Jai Kisan claims to have an annual loan disbursal run rate of over $220 Mn and clocked a 4x revenue growth in the last 12 months.
In the equity investment round, current investors Blume Ventures, Arkam Ventures, Mirae Asset, Snow Leopard Ventures, among others, participated with new investors GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures. Northern Arc, Alteria, and MAS Financial, on the other hand, made investments in debt raising.
With the current fundraising, Jai Kisan has secured $85.4 Mn in aggregate to date.
