Indian fintech startup Jai Kisan raises $50m from Mirae, Blume, others

Photo by Nandhu Kumar on Unsplash

India’s rural fintech startup Jai Kisan has raised $50 million (Rs 390 crore) in a combination of equity and debt in the first close of its ongoing Series B funding round, it announced on Friday.

The financing saw participation of new investors GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures alongside existing investors Blume, Arkam Ventures, Mirae Asset, Snow Leopard Ventures, among others. The debt portion of the funding was contributed by Northern Arc, Alteria and MAS Financial, the startup said in a statement.

Jai Kisan aims to use the proceeds to expand its product suite. The funding will also help the company accelerate its existing range of products, strengthen talent, and boost data science and engineering capabilities, the statement added.

Jai Kisan was founded by Arjun Ahluwalia and Adriel Maniego with the aim of creating full-stack and seamless financial services experience for rural individuals and businesses. The startup claims to have facilitated credit worth over $220 million on an annualised basis and recording a 4x growth within 12 months.

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

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

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