Rural-focused fintech startup Jai Kisan has taken a significant step forward by securing a Non-Banking Financial Company (NBFC) license. This achievement comes after Jai Kisan acquired a majority stake in Kushal Finnovation Capital, an NBFC known for specializing in supply chain financing.
With this new license, Jai Kisan is now empowered to design and distribute customized financial products, including loans, directly from its own portfolio. Additionally, the startup can enter co-lending partnerships with leading financial institutions, including public sector banks across India.
Services with NBFC License
Before acquiring the NBFC license, Jai Kisan’s offerings were limited to financial products provided by partner banks and NBFCs through its platform. However, with this license, Jai Kisan can now directly create and deliver financial solutions that are specifically tailored to meet the unique needs of farmers and rural businesses.
This expansion of services marks a major milestone in Jai Kisan’s mission to bridge the financial gap in rural India, allowing the company to have more control over the financial products it offers.
Founders and Their Vision
Jai Kisan was founded in 2017 by Arjun Ahluwalia and Adriel Maniego, with a clear focus on addressing the financial challenges faced by rural communities in India. The startup has developed a comprehensive digital ecosystem that connects corporates, rural intermediaries, and financial institutions.
This platform facilitates supply chain financing and buy-now-pay-later (BNPL) options for products such as agricultural inputs and equipment. Since its inception, Jai Kisan has partnered with over 350 corporates, served more than 100,000 rural businesses, and assisted over 800,000 farmers. The company has facilitated the disbursal of over Rs 6,000 crore in loans, demonstrating its significant impact on rural financing.
Strengthening Future Plans
In addition to securing the NBFC license, Jai Kisan has also taken steps to strengthen its governance and risk management capabilities. The company has expanded its advisory board by bringing in seasoned bankers like Arvind Kathpalia and Ravi Duvvuru as senior advisors.
Looking ahead, Jai Kisan is planning to initiate a new fundraising round in the next two to three quarters. This funding will support the operationalization of its NBFC and further its mission to provide accessible and tailored financial solutions to rural India.
