Rural fintech startup Jai Kisan raises $30 mn in funding from Mirae Asset

Rural fintech startup Jai Kisan on Monday said it has raised USD 30 million (about Rs 217 crore) in a combination of equity and debt funding led by Mirae Asset.

Syngenta Ventures, existing investors Blume, Arkam Ventures, NABVENTURES (NABARD), Prophetic Ventures and Better, other global investors, and prominent HNIs also participated in the Series A round, a statement said.

Blacksoil, Stride Ventures and Trifecta Capital contributed the debt in the round, it added.

Jai Kisan aims to use the proceeds to add talent, enhance engineering and data science capabilities, expand into new geographies and start building an on-book portfolio.

Founded by Arjun Ahluwalia and Adriel Maniego, Jai Kisan works towards enabling the financial inclusion of rural individuals and businesses.

By empowering rural businesses through point-of-sale/purchase credit, Jai Kisan has helped create scalability for rural businesses and helps deploy low-cost formal credit to farmers and other rural individuals.

The company aims to deploy customised, new-age financial products and innovative processes.

"Jai Kisan's stellar growth, excellent asset quality and expanding footprint make them a highly differentiated player in the segment," Mirae's chief executive Ashish Dave said.

It has launched in April last year 'Bharat Khata' - a digital ledger and smart business solution for rural businesses - that captured over USD 380 million (Rs 2,790 crore) of annualised GTV (gross transaction value) run-rate as of March this year across 25,000 storefronts. Jai Kisan's annualised loan disbursal run-rate was at Rs 432 crore as of March 2021.

"With the quality of our investors and quantum of capital, we are excited for the next phase of growth and changing the way rural India accesses financial services. Despite the pandemic's multiple waves, we have seen stellar growth on our top line and bottom line while ensuring robust portfolio quality," Ahluwalia, co-founder and CEO of Jai Kisan, said.

Veda Corporate Advisors was the exclusive financial advisor to Jai Kisan for the fundraising, the statement said.