Jai Kisan Raises $50 Million In Series B Funding
The fund raised will be used to expand the product suite, enhance the customer journey, accelerate the phenomenal growth of existing products, strengthen talent and boost data science and engineering capabilities
Jai Kisan, a rural fintech startup, has raised $50 million in a combination of equity and debt in the first close of its ongoing Series B funding round. New investors GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures along with the existing ventures Blume, Arkam Ventures, Mirae Asset, Snow Leopard Ventures and others also participated in the round. The fund raised will be used to expand the product suite, enhance the customer journey, accelerate the phenomenal growth of existing products, strengthen talent and boost data science and engineering capabilities.
"We are proud to have come this far in this journey of revolutionizing financial services in India. It is due to the strong support of our network of customers and partners, and our extremely resilient team that have been able to launch and scale such ground-breaking solutions. We are grateful for the faith that our investors, lenders and other stakeholders have shown and continue to show in our vision," said Arjun Ahluwalia, co-founder and CEO, Jai Kisan.
Extended across the Bharat Khata network of retail storefronts, Jai Kisan's POS financing solution has seen immense traction, gaining 400 per cent growth in customers in 3 months. Keeping customer awareness and financial literacy at the forefront, the app is available in 9 languages. With over one lakh businesses on Bharat Khata, Jai Kisan has unique insight into more than $1 billion worth of rural commerce and access to over 5 million individuals, claimed by the startup in a statement.
"Better credit access can help micro, small and medium enterprises grow their businesses while helping growers afford products to improve their yield and quality," said Erkki Aaltonen, managing director, Yara Growth Ventures.
Founded by Arjun Ahluwalia and Adriel Maniego, Jai Kisan aims at creating a full-stack and seamless financial services experience for rural individuals and businesses. Its roadmap includes digitizing the savings, insurance and payment experience for its users, making it the only consumer-experience obsessed rural financial services brand.