Rural fintech startup Jai Kisan on Friday said it has raised Rs 390 crore in a combination of equity and debt in the first close of its ongoing Series-B round.
Jai Kisan provides a suite of financial services with a digital-first approach to its network of farmers and small and micro businesses through its application ‘Bharat Khata’ in nine languages. “Jai Kisan has raised USD 50 million (Rs 390 crore) in a combination of equity and debt….,” the company said in a statement. New investors — GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures — as well as existing investors Blume, Arkam Ventures, Mirae Asset, Snow Leopard Ventures and others invested as part of the Series B round of funding, it said.
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Northern Arc, Alteria and MAS Financial contributed to the debt raise, it added. “Jai Kisan aims to use the proceeds of the fundraise to expand product suite and enhance the customer journey,” the company said. The funding will also help accelerate the phenomenal growth of existing products, strengthen talent, and boost data science and engineering capabilities, it noted.
“We are proud to have come thus far in this journey of revolutionising financial services for rural India. It is due to the strong support of our network of customers and partners, and our extremely resilient team that we have been able to launch and scale such ground-breaking solutions,” Jai Kisan cofounder and CEO Arjun Ahluwalia said.
Series B financing is the second round of funding for a company that has met certain milestones and is past the initial startup stage. Jai Kisan’s roadmap includes digitising the savings, insurance, and payment experience for its users, making it the only consumer-experience-obsessed rural financial services brand.