Bengaluru, July 29
Jai Kisan, a rural fintech startup has raised $50 million in a combination of equity and debt in the first close of its ongoing Series B round.
GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures, existing investors Blume, Arkam Ventures, Mirae Asset, Snow Leopard Ventures, and others, invested as a part of the funding round. Northern Arc, Alteria, and MAS Financial contributed to the debt raise.
Jai Kisan aims to use the fundraise proceeds to expand product suite and enhance customer journey, and help accelerate the phenomenal growth of existing products, strengthen talent, and boost data science and engineering capabilities.
Arjun Ahluwalia, Co-founder and CEO, Jai Kisan, said, “We are grateful for the faith that our investors, lenders, and other stakeholders have shown, and continue to show in our vision. We will continue to build on the back of this support and create impact in this underserved space, leveraging creative new age solutions and keeping customer experience at the core of our beliefs.”
Jai Kisan’s app, Bharat Khata, helps rural value chains digitize transactions, capturing insight into financial services’ needs, customer behavior and transaction footprint of rural businesses and individuals. Extended across the Bharat Khata network of retail storefronts, Jai Kisan’s POS financing Solution (BNPL) has seen traction, gaining 400 per cent growth in customers in 3 months, said the company.
The startup’s roadmap includes digitizing the savings, insurance, and payment experience for its users,making it the only consumer-experience obsessed rural financial services brand.