Jai Kisan raises $18 million in the current Series B round from GMO, others
- ByStartupStory | July 28, 2022
Jai Kisan, a rural fintech firm, has raised a new funding in its Series-B round led by existing and new investors for Rs 142 crore ($18 million). The Mumbai-based business has just completed its first funding round for 2022. With a contribution of Rs 31.20 crore, current sponsor Blume Ventures led this round. Other participants included Mirae Asset Venture, Unitary Fund, and Cephalopod Teknik Fund, which each contributed Rs 23.7 crore, Rs 19.5 crore, and Rs 13.4 crore.
Each of the three fintech funds GMO, Yara Growth Ventures, and DG Lab Fund contributed Rs 15.58 crore, while other VCs and private investors contributed a total of Rs 7.71 crore. The Series-B round seems to be proceeding, and Jai Kishan is probably going to collect more money. After allocation, the enterprise was valued at between $180 and 190 million dollars. Earlier, in May 2021, the firm secured $30 million in Series-A funding. In October, it raised $3.3 million in debt financing.
The rural fintech startup Jai Kisan has yet to submit its annual financial accounts for FY22, but it reported Rs 4.96 crore in revenue in FY21. The fiscal year that concluded in 2021 saw a loss of Rs 3.36 crore registered by Jai Kisan. Additionally, Bharat Khata, a digital ledger for rural enterprises, was introduced last year.
About Jai Kisan
Jai Kisan is a fintech startup (rural-focused Neo Bank) founded in 2017 by Arjun Ahluwalia and Adriel Maniego. It provides credit for transactions in online and offline rural commerce settings to individuals and rural companies. In order to give farmers who operate in the agriculture, poultry, and dairy value chains direct financing, Jai Kisan collaborates with equipment dealers, agriculture merchants, collection centres, and market linkage platforms.
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