Jai Kisan Funding: Agri-fintech startup Jai Kisan raises $50 million in equity and debt

Rural-focused agri-fintech startup Jai Kisan said it has raised $50 million (Rs 390 crore) in a combination of equity and debt as part of the first tranche of its ongoing Series B round.

New investors GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures participated in the round. Existing investors Blume, Arkam Ventures, Mirae Asset, Snow Leopard Ventures and others also participated.

Jai Kisan raised debt financing from investors such as Northern Arc, Alteria and MAS Financial.

The company said it would use the proceeds to expand its product suite and improve the customer journey. “The funding will also help accelerate the growth of existing products, strengthen talent and increase data science and engineering capabilities,” it added.

In 2021, Jai Kisan raised $30 million as part of its Series A funding round, which was followed by a $3.3 million debt funding round in October.

Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, the company aims to create a seamless financial services experience for individuals and businesses in rural India.

It said it has helped distribute low-cost credit worth over $220 million on an annual basis and recorded four-fold growth in 12 months.

“We were immediately struck by the opportunity Jai Kisan has to contribute to better financing for rural Indians,” said George Roche of Yara Growth Ventures. “Better access to credit can help micro, small and medium enterprises grow their businesses while helping growers afford products to improve yield and quality,” said Erkki Aaltonen, CEO, Yara Growth Ventures.

Jai Kisan’s app, Bharat Khata, is available in nine languages. With over 100,000 businesses on Bharat Khata, the company said it has unique insights into rural commerce worth more than $1 billion and access to over five million individuals.

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

“Jai Kisan’s roadmap includes digitizing the savings, insurance and payment experience for users,” the company said.

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