Jai Kisan, startup for financial services in rural India, raises $30 mm

Rural fintech startup Jai Kisan has raised $ 30 million (Rs 217 crore) in a combination of equity and debt in funding led by Mirae Asset.

Syngenta Ventures, Blume, Arkam Ventures, Nabventures (Nabard), Prophetic Ventures and Better participated in the Series A round as well. Blacksoil, Stride Ventures and Trifecta Capital contributed the debt in the round.

Jai Kisan said it will use the funds to expand in tier-2, tier-3 cities and rural parts of the country. It would enhance engineering and data science capabilities.

Jai Kisan, which is founded by Arjun Ahluwalia and Adriel Maniego, provides digital financial services starting with credit for online and offline, income-generating, rural commerce transactions.

“Despite the pandemic’s multiple waves, we have seen stellar growth on our top line and bottom line while ensuring robust portfolio quality,” said Ahluwalia, co-founder and chief executive officer.

Jai Kisan said it provides credit to farmers and people living in rural areas en masse, working with more than 700 organized and unorganized. It has a cumulative customer base of over 1.5 lakh rural individuals including farmers.

“Jai Kisan is at the cusp of disrupting the rural financing industry and we’re glad to be a part of their growth story,” said Ashish Dave, CEO of Mirae Asset - India Venture Investments. "Jai Kisan’s stellar growth, excellent asset quality and expanding footprint make them a highly differentiated player in the segment.”