The round saw participation from new investors GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures. Existing investors Blume, Arkam Ventures, Mirae Asset, Snow Leopard Ventures and others also took part.
Jai Kisan raised debt funding from investors such as Northern Arc, Alteria and MAS Financial.
The company said it would use the proceeds to expand its product suite and enhance the customer journey. “The funding will also help accelerate the growth of existing products, strengthen talent, and boost data science and engineering capabilities,” it added.
In 2021, Jai Kisan
raised $30 million as part of its Series A funding round, which was followed by a debt funding round of $3.3 million in October.
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, the company is looking to create a seamless financial services experience for individuals and businesses in rural India.
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It said it has helped deploy low-cost credit worth over $220 million on an annualised basis and recorded four-fold growth in 12 months.
“We were immediately struck by the opportunity that Jai Kisan has to help enable better financing to rural Indians,” said George Roche of Yara Growth Ventures. “Better credit access can help micro, small, and medium enterprises grow their businesses while helping growers afford products to improve their yield and quality,” said Erkki Aaltonen, managing director, Yara Growth Ventures.
Jai Kisan’s app, Bharat Khata, is available in nine languages. With over 100,000 businesses on Bharat Khata, the company said it has unique insight into more than $1 billion worth of rural commerce and access to over five million individuals.
“We will continue to create impact in this underserved space, leveraging creative, new-age solutions and keeping customer experience at the core of our beliefs,” said Arjun Ahluwalia, cofounder and CEO, Jai Kisan.
“Jai Kisan’s roadmap includes digitising the savings, insurance, and payment experience for its users,” the company said.
