A Mumbai-based Deb Financing Rural fintech startup Jai Kisan has raised $18 million in its Series B led by existing and new investors. This is the first funding round for the Mumbai-based startup in 2022.
Jai Kisan has raised a total of $46.7M in funding over 8 rounds. Their last funding was raised on Dec 16, 2021, from a Debt Financing around has raised $1.9 Mn from Alteria Capital.
The board at Jai Kisan has passed a special resolution to allot 5,266 compulsory cumulative preference shares (CCPS) at an issue price of Rs 2,70,133 per share to raise Rs 142 crore or $18 million, regulatory filings with ROC show.
Existing backer Blume Ventures spearheaded this round with Rs 31.20 crore whereas Mirae Asset Venture, Unitary Fund and Cephalopod Teknik Fund participated with Rs 23.7 crore, Rs 19.5 crore and Rs 13.4 crore respectively.
Fintech fund GMO, Yara Growth Ventures and DG Lab Fund invested Rs 15.58 crore each while other VC’s and individuals collectively invested Rs 7.71 crore. The Series B round appears to be an ongoing one and Jai Kishan is likely to mop up more funds.
Founded in 2017 by Adriel Maniego, and Arjun Ahluwalia, Jai Kisan is a fintech platform that provides sustainable financing for rural emerging markets. They helping farmers understand their financial status through a next-generation/hyper-localized agriculture credit score digitizing their finances and farm capabilities for financial institutions.
Jai Kisan partners with equipment dealers, agriculture retailers, collection centres and market linkage platforms to directly provide credit to farmers, working in the agriculture, poultry and dairy value chain. Last year, it also launched Bharat Khata which offers a digital ledger for rural businesses.
Fintech SaaS Platform Fundflo Technologies Raises Seed Funding
Jai Kisan is yet to file its annual financial statements for FY22, the rural fintech company has recorded a revenue of Rs 4.96 crore in FY21. Jai Kisan posted a loss of Rs 3.36 crore during the financial year ended 2021.
Around 100 agritech startups raised close to $1.33 billion across 139 deals between January 2020 and June 2022, according to Entrackr’s data tracking platform Fintrackr. This includes around 37 deals worth $155 million in 2020, 58 deals worth $636 million in 2021 and 44 deals worth $539 million as of July 10, 2022. A couple of more startups including Veg Route and Vegrow also joined the list this month.
Read Also: