Xavier Kong · · 1 min readIndian fintech startup nets $50m in first close of series B
Jai Kisan, a Mumbai-based rural fintech startup, has secured US$50 million in the first close of its ongoing series B round, bringing on GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures as new investors.
Jai Kisan co-founders Arjun Ahluwalia (left) and Adriel Maniego / Photo credit: Jai Kisan
Launched in 2018, Jai Kisan helps rural MSMEs digitize transactions and secure credit for growing their businesses. It also offers a buy now, pay later feature through its app Bharat Khata, which is available in nine languages to promote customer awareness and financial literacy.
The company said the funds will be used to expand its products, secure more talent, and boost the firm’s data science and engineering capabilities. To date, the company says it has facilitated over US$220 million in low-cost credit on an annualized basis. It also has over 100,000 businesses on its app.
Moving forward, the fintech firm also plans to digitize savings, insurance, and payment experiences for its users.
Jai Kisan previously secured US$30 million in its series A funding round led by Mirae Asset, who is also a returning investor in the current round.
See also: Indonesia has 1,500 rural banks. Komunal is bringing them online
Editing by Miguel Cordon and Lorenzo Kyle Subido
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