Rural agritech fintech startup Jai Kisan has raised $50 million in a combination of equity and debt as part of the first tranche of its ongoing Series B round. With this, the company has secured $85.4 million to date. In 2021, it raised $30 million as part of its Series A funding round, followed by a debt funding round of $3.3 million in October.
Jai Kisan will likely raise another $30-50 million in debt and equity as part of its Series B round. Some new investors who participated in the equity funding round included GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures, along with existing investors like Blume Ventures, Arkam Ventures, Mirae Asset, Snow Leopard Ventures. Northern Arc, Alteria and MAS Financial invested in the debt fundraising.
Regarding their participation, Erkki Aaltonen and George Roche said from Yara Growth Ventures, “We were struck by the opportunity Jai Kisan has to enable better financing to rural Indians. Better credit access can help micro, small and medium enterprises grow their businesses while helping growers afford products to improve their yield and quality.”
Arjun Ahluwalia and Adriel Maniego founded Jai Kisan in 2020, a rural India-focussed neo bank that offers credit solutions in online and offline rural commerce environments. It claimed its annual loan disbursal run rate is over $220 million and clocked a 4x revenue growth in the last 12 months.
The rural fintech aims to offer full-stack financial services to individuals and businesses in rural areas of the country. It will utilise the recent fund infusion to expand its product suite, hire talent and boost data science and engineering capabilities.