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Rural-focused fintech startup Jai Kisan secures NBFC license, acquires stake in Kushal Finnovation Capital

IndianStartupNewsIndianStartupNews · 10m ago
Rural-focused fintech startup Jai Kisan secures NBFC license, acquires stake in Kushal Finnovation Capital
Medial

Rural-focused fintech startup Jai Kisan has acquired an NBFC license after buying a majority stake in Kushal Finnovation Capital. This license allows Jai Kisan to create and distribute customized financial products, including loans, directly from its own portfolio. The company can also engage in co-lending partnerships with major financial institutions. Previously, Jai Kisan's services were limited to offering financial products provided by partner banks and NBFCs. The company aims to bridge the financial gap in rural India and has partnered with over 350 corporates, serving more than one lakh rural businesses and assisting over eight lakh farmers.

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Jai Kisan raises fresh funds in extended Series B

EntrackrEntrackr · 3m ago
Jai Kisan raises fresh funds in extended Series B
Medial

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.

JustDeliveries raises $1 Mn in pre-Series A round

EntrackrEntrackr · 1y ago
JustDeliveries raises $1 Mn in pre-Series A round
Medial

Logistics solutions for perishables JustDeliveries has raised $1 million in its pre-Series A round led by Nabventures. Faad Network, Anay Ventures, Caret Capital and Mahansaria Family Office have also participated in the round. The proceeds will be used to deepen its logistics network across regions including Bengaluru, Mumbai, Pune and the national capital region, the company said in a press release. It will also launch operations in Hyderabad. Within the next 3-4 years, JustDeliveries plans to extend its presence to 8-10 cities across India. Founded in 2022 by Mahansaria, JustDeliveries solves the challenges of fragmented cold supply chain for perishables and works with leading QSRs, café chains, and brands with fresh and frozen products. Nabventures, a subsidiary of the Indian government’s National Bank for Agriculture and Rural Development (Nabard) invests in agritech, foodtech, rural fintech, healthtech and edtech startups. Its other investments include Unnati, Jai Kisan and TenderCuts in the food and agricultural space.

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