On May 31, 2021, a rural fintech startup, Jai Kisan announced that it raised USD 30 Million in Series A funding round. The investor leading this round was Mirae Assets.
This round also saw the participation of Blume investors, NABVENTURES, Syngenta Ventures, Better, Prophetic Ventures, Arkam Ventures along with some prominent HNIs. Veda Corporates played the role of financial advisors in the round.
The startup plans to utilize the funding amount to hire new talents and enhance its capabilities in engineering and data science, building an on-book portfolio and expanding its footprints in new geographies.
Words from the Investors –
On the latest investment done by the company, Ashish Dave, CEO of Mirae Asset India Venture Investments said –
“Jai Kisan is at the cusp of disrupting the rural financing industry and we’re glad to be a part of their growth story. Jai Kisan’s stellar growth, excellent asset quality, and expanding footprint make them a highly differentiated player in the segment.”
Adding to the investors talk Syngenta Group Ventures, Managing Director, Shubhang Shankar said –
“At Syngenta Group Ventures, we believe that access to credit is one of the key enablers for farmers to adopt quality practices. The low penetration of traditional financing institutions in the sector creates significant financial stress for small farmers.”
“We have been very impressed by the digitally-driven approach taken by Jai Kisan to manage the end-to-end flow of credit, thereby proving that it is viable to extend formal credit to small farmers and overcome structural challenges that have often kept inherently creditworthy farmers out of the formal financing ecosystem.” – he added
About Jai Kisan
Jai Kisan is a fintech startup that aids rural emerging markets with financial sustainability. The startup was initiated by Adriel Maniego and Arjun Ahluwalia in 2017, having its headquarters in Mumbai.
The startup is helping the farmers to get knowledge about the financial status in this new and hyper-localized agriculture credit score by digitizing their farm capabilities and finances.
Jai Kisan also takes advantage of a network of different tech-enabled partner stores and leverages the existing vendor network, so that they can gain more customers.
Words from the CEO –
The company shared a press statement in which the Co-founder and CEO of Jai Kisan Arjun Ahluwalia, said –
“Despite the pandemic’s multiple waves, we have seen stellar growth on our top line and bottom line while ensuring robust portfolio quality. As most financial institutions took a step back due to reliance on ground operations, it was the resilient nature of our team that made Jai Kisan stand by its borrowers through these tough times.”
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