Rural Fintech Startup Jai Kisan Secures Rs 26.5 Crore in Extended Series B Funding

Rural fintech startup Jai Kisan has successfully obtained Rs 26.5 crore (approximately $3 million) during its extended Series B funding round, backed by its existing investors, including Unitary Fund, Mirae Asset, and Blume Ventures.

The board of Jai Kisan has enacted a special resolution to issue 980 compulsory cumulative preference shares (CCPS) at a price of Rs 2,70,133 per share, facilitating the raised capital of Rs 26.5 crore or $3 million, as detailed in its regulatory filings from the Registrar of Companies (RoC).

Mirae Asset Venture contributed Rs 12.5 crore, while Unitary Fund and Blume Ventures added Rs 12 crore and Rs 2 crore, respectively. As per estimates from Startup Superb, the valuation of Jai Kisan sits at approximately $180 million post-allotment.

About Jai Kisan

Established in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan serves as a rural-centric neo bank, providing credit solutions for transactions within both online and offline rural commerce sectors, catering to individuals as well as rural enterprises.

Financial Performance of Dehaat

During the fiscal year ending March FY24, Dehaat reported an operating revenue of Rs 39 crore, alongside a loss of Rs 51 crore in the same timeframe. In the previous year, the company has obtained an NBFC license through its significant strategic acquisition of Kushal Finnovation Capital Private Limited.