Mumbai-based fintech startup Jai Kisan has successfully raised Rs 26.5 crore in an extended Series B funding round. The investment comes from its existing backers, including Mirae Asset Venture Investments, Unitary Fund, and Blume Ventures, aiming to boost the company’s mission of providing financial services to rural India.
New Funding for Rural Digital Lending Startup
Jai Kisan’s board approved a special resolution to issue 980 compulsory cumulative preference shares (CCPS) at a price of Rs 2,70,133 per share. This decision helped the company raise Rs 26.5 crore, which is approximately $3 million. Regulatory filings from the Registrar of Companies (RoC) confirmed the funding details.
Mirae Asset led this funding round with an investment of Rs 12.5 crore. The Unitary Fund followed with Rs 12 crore, while Blume Ventures contributed Rs 2 crore. This fresh capital injection will help Jai Kisan expand its reach in rural areas and continue offering affordable financial services to farmers and small businesses.
Jai Kisan Supports Rural Credit
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan focuses on solving credit challenges in India’s rural and agricultural sectors. The platform provides digital loans and financing tools for small businesses and individuals in villages and remote locations. It enables both online and offline transactions, filling a critical gap where traditional banking is often unavailable or limited.
Jai Kisan’s services are tailored for rural economies and help bring digital finance to places that often struggle with access to formal credit systems. This is especially important for farmers, small traders, and local shopkeepers who need quick and affordable credit options for their daily needs and business growth.
Financials Show Growth and Challenges
While Jai Kisan’s mission and reach have expanded, the company is still on its path to profitability. For the financial year ending March 2024, the startup reported a revenue of Rs 39 crore. However, it also recorded a loss of Rs 51 crore during the same period. The losses reflect the company’s ongoing investment in scaling its operations and infrastructure in less-developed regions.
Despite the financial loss, the recent funding round signals strong investor confidence in Jai Kisan’s vision and long-term potential. With this fresh capital, the company is expected to grow its network, enhance its technology, and bring more rural Indians into the formal financial system.
