Jai Kisan, a FinTech Startup, raised $30 Million in pre-Series A round.
The rural fintech startup, Jai Kishan declared that it has raised $30 million (Rs 217 crore) comprising both equity and debt in a seed funding led by Mirae Asset. Investors like Syngenta Ventures, Blume, Arkam Ventures, Nabventures (Nabard), Prophetic Ventures and Better were among other veteran from the startup ecosystem who were participants of the round. In the debt round Stride Ventures and Trifecta Capital also participated.
The startup said it will use the raised amount in the expansion of business in tier-2, tier-3 and rural parts of the country. It would develop engineering and data science capabilities, cross new geographies, and began developing an on-book portfolio. For fundraising Veda Corporate Advisors was the exclusive financial advisor to Jai Kishan.
The startup, Jia Kisan has also made to the list of 18 Fintech startups who gave live demos to a high-profile jury for Indian FinTech Award in 2019. Jai Kisan offers digital monetary services beginning with credit for the online and offline, income generating, rural business exchanges.
Jai Kisan shared that it flourishes loans and advances to farmers and masses residing in rural areas, operating with more than 700 organized and unorganized. Their customer base is of around 105 lakh people comprising rural areas and farmers. It said there is an absence of formalized credit that represents a desperate and basic test for rural organisations to develop.
“Jai Kishan is at the cusp of upsetting the rural financing industry and we’re happy to be a part of their development story,” Ashish Dave, CEO of Mirae Asset- India Venture Investments. “Jai Kisan’s heavenly development, superb resource quality and growing impression make them a profoundly separated player in the industry.”
The startup has utilized the connection between the business and the farmer and rural people in B2B2C way to convey to peasants and rural individuals. The startup has expressed informal credit by the dealer and the merchant as an assumption for customers and not a worth added administration in rural India.
“Jai Kisan launched Bharat Khata in April 2020- a digital record and excellent business solution for rural organisations to deal with their business whenever, anywhere. The app has caught more than $380 million (Rs 2,790 crore) of annualized GTV run-rate as of March 2021 at more than 25,000 storefronts.” Jai kisan said.
Bharat Khata is the app that helps people and organisations gain admittance to less expensive financing and guarantees that the cash they raise is being utilized for Agri-inputs and equipment and other income producing purposes and enablement of rural business exchanges.
Arjun Ahluwalia, Co-Founder, CEO, said financial services are essential for these people as their whole economy relies upon it. “The capacity to purchase now and pay later is how most of the people do shopping in India. Credit is an assumption by the Indian customer- it is not a worth added administration.
“I received enormous support from Jai Kisan when I was in dire need of a Shade Net. Jai Kisan not only helped me in securing financing for the Shade Net but also guided me on how to use it most efficiently. Now, my produce output has increased and I am generating more profits than I ever have." Annasaheb K, a customer of Jai Kisan.
“Beside the two waves of pandemic, during assuring vigorous portfolio quality, we have been extremely escalating on both our top line and bottom line. Many financial institutions stepped backward because of the credit on ground works. Our team’s passionate behaviour had led Jai Kishan to always stand by its borrowers during these hard times.” Ahulwalia, Co-Founder, Chief Executive Officer, said.
“At Syngenta Group Ventures, we accept that admittance to credit is one of the critical empowering agents for farmers to embrace quality practices. The low entrance of customary financing organisations in the area makes huge monetary pressure for little farmers.” Shubhang Shankar, Managing Director, Syngenta Group Ventures, said.
“We have been extremely dazzled by the digitally determined methodology taken by Jai Kishan to deal with the start to finish stream of credit to little farmers and beat primary difficulties that have frequently kept naturally financially sound farmers out of the conventional financing environment,” he added.
He added, they trust that with this speculation and the organisation with key partners in the Indian rural scene. Jai Kisan will actually want to stretch out its credit contributions to a great many undeserved smallholder farmers in India.