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Jai Kisan, an Indian rural finance business, has received $30 million in investment from Mirae Asset.
Agricultural paddy
According to a corporate release, Mumbai-based rural finance firm Jai Kisan has secured $30 million in a mix of equity and debt capital headed by Mirae Asset.
Syngenta Ventures, as well as current investors Blume, Arkam Ventures, NABVENTURES (NABARD), Prophetic Ventures, and Better Capital, participated in the Series A investment. While Blacksoil, Stride Ventures, and Trifecta Capital contributed loans to the round, the business indicated that additional global investors and famous high net worth individuals (HNIs) also participated.
The funds raised will be used to acquire personnel, improve technical and data science skills, expand into new locations, and begin establishing an on-book portfolio, according to Jai Kisan. In addition, the firm intends to develop and market additional credit products.
“Despite the pandemic’s multiple waves, we have seen stellar growth on our top line and bottom line while ensuring robust portfolio quality. As most financial institutions took a step back due to reliance on ground operations, it was the resilient nature of our team that made Jai Kisan standby its borrowers through these tough times,” said Arjun Ahluwalia, Co-founder and CEO, Jai Kisan.
Jai Kisan is a technological platform founded by Ahluwalia and Adriel Maniego that focuses on offering digital financial services, starting with credit for online and offline, income-generating, rural commerce activities.
In April of this year, Jai Kisan introduced Bharat Khata, a digital ledger and smart business solution for rural enterprises. As of March 21, the app claims to have generated over $380 million in annualized GTV run-rate across over 25,000 businesses.
For the fiscal year ending March 2021, the firm reported an annualised loan disbursal run-rate of Rs 432 crore.
The investment arm of agriculture and rural development agency Nabard, NABVENTURES Fund I, made its first investment in Jai Kisan in June as part of a Rs30 crore capital round.
For the most recent fundraise, Veda Corporate Advisors was Jai Kisan's only financial advisor.
