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Jai Kisan raises fresh funds in extended Series B

Entrackr · 7d

Rural fintech startup Jai Kisan has raised Rs 26.5 crore (approximately $3 million) in its extended Series B round from existing investors: Unitary Fund, Mirae Asset, 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, its regulatory filings sourced from the Registrar of Companies (RoC) show. Mirae Asset Venture invested Rs 12.5 crore, whereas Unitary Fund and Blume Ventures participated with Rs 12 crore and Rs 2 crore, respectively. According to Entrackr’s estimates, the company is valued at around $180 million post-allotment. Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a rural-focused neo bank that offers credit for transactions in online and offline rural commerce environments to individuals and rural businesses. Jai Kisan has recorded an operating revenue of Rs 39 crore in the fiscal year ended March FY24 with a loss of Rs 51 crore in the same period. Last year, the company received an NBFC license through its majority strategic acquisition of Kushal Finnovation Capital Private Limited.