Jai Kisan, a rural fintech firm, has raised $18 million (INR 142 Cr) in its Series B funding round led by Blume Ventures.
The round also saw participation from Mirae Asset Venture, GMO, Yara Growth Ventures, Cephalopod Teknik Fund, and DG Lab Fund.
According to regulatory filings with RoC show, Jai Kisan’s board passed a special resolution to allot 5,266 compulsory cumulative preference shares (CCPS) at an issue price of Rs 2,70,133 per share to raise Rs 142 crore or $18 million, according to INC42.
Existing backer Blume Ventures invested with Rs 31.20 crore, while Mirae Asset Venture, Unitary Fund and Cephalopod Technic Fund participated with Rs 23.7 crore, Rs 19.5 crore and Rs 13.4 crore, respectively.
Other angle investors GMO, Yara Growth Ventures and DG Lab Fund invested Rs 15.58 crore, while other VCs and individuals collectively invested Rs 7.71 crore.
The Mumbai-based Jai Kisan was founded in 2020 by Arjun Ahluwalia and Adriel Maniego, It is a rural India-focused Neo Bank providing credit solutions in online and offline rural commerce environments.
The company partners with equipment dealers, agriculture retailers and market linkage platforms to provide loans to farmers working in agriculture and other allied sectors.
It also launched Bharat Khata last year which provides a digital ledger for rural businesses.
In May 2021, Jai Kisan had raised $30 million in a mix of equity and debt, as a part of its Series A funding round from Mirae Asset.
The company is yet to file its annual financial statement for FY 2022, it reported revenue of Rs 4.96 crore in FY 2021.
About Jai Kisan
Jai Kisan’s platform is built to empower the growth of Rural Indians, especially farmers.
Jai Kisan was founded by Arjun Ahluwalia and Adriel Maniego with the aim of creating the first full-stack and seamless banking experience for rural individuals.
A massive credit gap in the rural market, being meagrely served by informal moneylenders at exorbitant rates, inspired the need for change in how day-to-day banking was done by over 600 million people in India.
Jai Kisan, as an organisation, holds customer empathy at the heart of our operations stemming from a first-hand understanding of rural value chains.
They provide low cost and timely financing for agricultural equipment, dairy equipment and other rural yield generational assets that is more flexible and transparent than any other credit option available today.