Mumbai-based fintech startup Jai Kisan raises Rs 26.5 crore in funding: Report

Jai Kisan, a Mumbai-based fintech startup focused on rural India, has reportedly raised Rs 26.5 crore in an extended Series B funding round backed by existing investors Unitary Fund, Mirae Asset Venture Investments, and Blume Ventures.

The board at Jai Kisan has passed a special resolution to allot 980 compulsory cumulative preference shares (CCPS) at an issue price of Rs 2,70,133 per share to raise Rs 26.5 crore or $3 million, Entrackr reported, citing regulatory filings sourced from the Registrar of Companies (RoC).

The report said that Mirae Asset led the round with an infusion of Rs 12.5 crore, followed by Rs 12 crore from the Unitary Fund and Rs 2 crore from Blume Ventures.

What does Jai Kisan do?

Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan operates at the intersection of financial services and rural commerce, offering digital credit and financing options to individuals and small businesses in India’s underserved agricultural and rural sectors.

The platform enables credit across both online and offline transactions, tailoring its services for local economies where formal banking infrastructure remains sparse.

Financial performance

For the fiscal year ending March 2024, the fintech startup reported operating revenue of Rs 39 crore. However, the startup posted a loss of Rs 51 crore for the same period.