[Funding alert] Rural fintech startup Jai Kisan raises Rs 30 Cr in Pre-Series A from Arkam Ventures, NABVENTURES, and others
Mumbai-based rural fintech platform Jai Kisan on Tuesday said that it raised Rs 30 crore in the Pre-Series A round of funding led by Arkam Ventures (previously known as Unitary Helion), with participation from NABVENTURES Fund I (backed by NABARD). This is the first time NABVENTURES has invested in the startup.
Existing investors such as Blume, Prophetic Ventures, and Better Capital also participated in the round, along with prominent leaders in finance and agriculture sectors such as an affiliate of The Chatterjee Group (TCG), Rajiv Sahney (New Vernon Capital), Sanjay Mariwala (Omniactive), and others.
Commenting on the investment, Rahul Chandra, Managing Director of Arkam Ventures said, “Very few startups have the commanding view of a large untapped space. Even fewer startups have the luxury of tailwinds in these challenging times. Jai Kisan is a rare combination of both of the above along with a unique business model that adds value to multiple participants of the agri supply chain."
Founded in 2017 by Texas A&M University graduates Arjun Ahluwalia and Adriel Maniego, Jai Kisan is building a rural fintech full-stack platform to cater to the financial needs of customers in rural emerging markets.
"We set out on the mission to change the way financial services are delivered to rural customers. Over the past few months, we have built a diverse book while ensuring delivery of credit instantly and more importantly – cheaply, across 10 states including the most backward parts of the country,” Arjun Ahluwalia, Co-founder and CEO, Jai Kisan said.
The startup provides cheap financing options for equipment, input, and invoice financing for rural borrowers accessible at their fingertips, or at any of Jai Kisan’s partners’ tech-enabled locations. Over the past six months, it has disbursed over Rs 50 crore in loans of top-tier credit quality to a diverse set of 5,500+ borrowers from various income groups across 10 states.
Edited by Suman Singh