Mumbai-based fintech startup Jai Kisan has raised $1.5 Mn (INR 10.6 Cr) in the latest seed funding round by Blume Ventures, Better Capital, Astarc Ventures, Prophetic Ventures, Harshbeena Zaveri, and Sanjaya Mariwala from OmniActive.
Jai Kisan is a fintech platform founded in 2017 by Arjun Ahluwalia and Adriel Maniego which aims at taking steps to reduce risk the capital flow to rural emerging markets by facilitating and presenting financing for income generating purposes.
It provides loans at meager rates at 12% per annum within seven days to the farmers for purchasing agricultural equipment, dairy equipment, and other assets.
Jai Kisan founder Arjun Ahluwalia said, “Jai Kisan’s platform provides a value proposition to each stakeholder by making their existing processes more efficient and leverages them to further create significant social and economic impact for the farmer and the rural community at large.”
Jai Kisan has registered and reviewed over 5,500 farmers and is present at more than 25 channel partner locations across 12 districts in two states.
As per the company, the funds will be used to stretch its financing services to more farmers, increasing the loan book size, and partner with more lending institutions. It also plans to run its operations across four more states.