Jai Kisan Raises INR 26.5 Crore in Extended Series B Round to Bolster Rural Fintech Operations Despite its growing footprint in rural fintech, Jai Kisan reported a loss of Rs 51 crore in the fiscal year ending March 2024, on an operating revenue of Rs 39 crore. The fresh capital is expected to help the company strengthen its product offerings and expand its reach across India's rural landscape
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Mumbai-based rural fintech startup Jai Kisan has secured Rs 26.5 crore (approximately USD 3 million) in an extended Series B funding round. The latest infusion saw participation from existing investors Mirae Asset Venture Investments, Unitary Fund, and Blume Ventures.
As per the reports, Jai Kisan's board passed a special resolution to allot 980 compulsory cumulative preference shares (CCPS) at an issue price of Rs 2,70,133 per share to raise the capital. Mirae Asset led the round with an investment of Rs 12.5 crore, followed by Rs 12 crore from Unitary Fund and Rs 2 crore from Blume Ventures.
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan provides digital credit and financing solutions tailored for India's agricultural and rural sectors. The startup bridges the gap in formal financial services by enabling credit access for both online and offline transactions, specifically designed for underserved local economies with limited banking infrastructure.
Despite its growing footprint in rural fintech, Jai Kisan reported a loss of Rs 51 crore in the fiscal year ending March 2024, on an operating revenue of Rs 39 crore. The fresh capital is expected to help the company strengthen its product offerings and expand its reach across India's rural landscape.
