Jai Kisan raises $30 million in funding by Mirae Asset
Jai Kisan has also launched Bharat Khata, a digital ledger and smart business solution for rural business to manage their business anytime anywhere.
May 31, 2021 / 03:09 PM IST
Jai Kisan, which provides financing for farmers in a tech-led model, said on May 31 that it has raised $30 million led by Mirae Asset.
Sygenta Ventures and existing investors including Blume, Arkam Ventures and the state owned NABARD’s NAB Ventures also participated in the round. It has also raised debt from Stride Ventures, Blacksoil and Trifecta Capital in the round.
Founded by Arjun Ahluwalia and Adriel Maniego in 2017, Jai Kisan provides loans for equipment, invoice and inputs to farmers, wanting to bridge the credit gap in the space. It works with more than 700 entities and 1.5 lakh farmers.
“With the quality of our investors and quantum of capital we are excited for the next phase of growth and changing the way rural India accesses financial services. Despite the pandemic’s multiple waves, we have seen stellar growth on our top line and bottom line while ensuring robust portfolio quality,” said Arjun Ahluwalia, co-founder and CEO.
Jai Kisan has also launched Bharat Khata, a digital ledger and smart business solution for rural business to manage their business anytime anywhere. The digital ledger and accounting space has taken off in recent years with half a dozen startups vying for the unorganised market. Jai Kian said its ledger app has seen transactions worth over $380 million across 25,000 storefronts. To be sure, this is not the company’s revenue, but the transactions flowing through it. The company did not specify its revenue.
Jai Kisan raised Rs 30 crore (about $4 million) in a pre-Series A round in June last year from Blume, Arkam and others.