Rural fintech startup Jai Kisan acquires Kushal Finnovation Capital, inherits NBFC licence
Going forward, Jai Kisan will not only originate loans but also co-lend in partnership with leading financial institutions including public sector banks in India.
Jai Kisan, a rural fintech startup, has received an NBFC license through its acquisition of Kushal Finnovation Capital Private Limited.
The NBFC licence will enable to design and distribute more customised and diverse credit products to farmers and business customers, it said in a statement.
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 company stated.
"Jai Kisan has been committed and driven by a vision to build for rural India from inception. We are grateful to the regulator for recognising Jai Kisan’s potential to create widespread impact and further enabling us to directly create financial inclusion,” said Arjun Ahluwalia, Co-founder and CEO of Jai Kisan.
The fintech startup has facilitated over Rs 6,000 crore of loans from banking partners to farmers and rural business customers, the company sai, with Rs ~3,000 crore in FY24 alone.
"The NBFC allows us to cater to our farmer and rural business customers with credit products they want, how they want them, when they want them and where they want them—which is what they deserve,” Ahluwalia added.
Currently, the startup works with 350+ corporate partners, 100,000+ rural businesses, 800,000+ rural individuals and farmers, and 15+ large financial institutions. It has further, facilitated disbursals of over Rs 6,000 cr since inception.
It last raised $50 million in a mix of equity and debt in a Series B funding round in July 2022.
Edited by Kanishk Singh