Rural-focused fintech startup Jai Kisan has secured INR 26.47 Cr (approximately $3 Mn) in a fresh funding round led by its existing investors Mirae Asset, Unitary Fund, and Blume Ventures. The latest capital infusion reflects continued trust from backers in Jai Kisan’s mission to drive financial inclusion across India’s rural economy.
As per the company’s filings with the Ministry of Corporate Affairs (MCA), Jai Kisan allotted a total of 980 compulsory convertible cumulative preference shares (CCPS) under Series B6 to the investors at a premium of INR 2,70,033 per share. A resolution passed by shareholders on April 1 paved the way for the allotment of CCPS worth INR 12.48 Cr to Mirae Asset, INR 11.90 Cr to Unitary Fund, and INR 1.99 Cr to Blume Ventures. The development was first reported by Entrackr.
Founded in 2020 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a neo-bank catering to rural India by providing credit access across both digital and physical commerce environments. With a focus on farmers, retailers, and MSMEs, the startup aims to bridge the financing gap in India’s agrarian and small business sectors through technology-driven solutions.
Jai Kisan took a major leap in August 2023 when it acquired a majority stake in Kushal Finnovation Capital, a supply chain financing company, and subsequently obtained a non-banking finance company (NBFC) license. At the time, the company stated, “With the acquisition of a NBFC as its subsidiary, we will now be able to design and distribute more customised and diverse credit products to its farmer and business customers.” It also added, “Going forward, the firm will not only originate loans but also co-lend in partnership with leading financial institutions including public sector banks in India.”
The fintech player has launched various digital tools to strengthen its rural outreach. Its application, Jai Kisan Farmer, has garnered over 10,000 downloads and offers access to loans and repayment services. In April 2020, the startup also introduced Bharat Khata, a digital lender targeting rural businesses. The platform claims to have onboarded more than 100,000 rural enterprises and served over 5 million individual customers to date. Overall, Jai Kisan claims to have served around 8 lakh farmers and collaborated with 1 lakh rural businesses across 11 Indian states.
In 2022, the startup raised INR 390 Cr ($50 Mn) in an ongoing Series B round through a combination of equity and debt. It counts Mirae Asset, Blume Ventures, Unitary Fund, Arkam Ventures, DG Daiwa Ventures, and GMO Venture Partners among its backers.
The latest funding comes at a time when the Indian fintech sector continues to play a pivotal role in reshaping the country’s economic narrative. According to a recent report by Inc42, fintech emerged as the most funded sector in Q1 FY25, attracting $739 Mn in capital. However, it trailed ecommerce and enterprise tech in terms of deal count, closing 33 deals. The funding spree was led by Bengaluru-based Zolve raising $251 Mn, followed by ToneTag with $78 Mn and Insurance Dekho with $70 Mn. Just yesterday, travel fintech startup Scapia secured $40 Mn in its Series B round, led by Peak XV Partners.
Jai Kisan’s steady growth, expanding portfolio, and commitment to rural empowerment position it as a significant player in the Indian fintech landscape, particularly in addressing the financial needs of Bharat’s underserved communities.
