Home Venture Capital Jai Kisan snags $50 mn in first close of Series B funding...

Jai Kisan snags $50 mn in first close of Series B funding round

20
0
Prior to thsi funding round, Jai Kisan raised $30 million in debt and equity in its Series A investment led by Mirae Asset in May last year. (iStock)

New Delhi: Rural fintech startup Jai Kisan on Friday said it has raised $50 million ( 398.5 crore) in a mix of equity and debt in the first close of its ongoing Series B funding round.

A person close to the transaction told VCCircle that this funding round was raised at a valuation of $200-240 million. The Mumbai-based startup is expected to raise additional $30-50 million as part of the Series B funding round in a combination of equity and debt, the person cited above added.

The current Series B funding round was raised from new investors, GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures, and existing investors including Blume Ventures, Arkam Ventures, Mirae Asset and Snow Leopard Ventures, said Jai Kisan in a statement.

The debt funding was brought in by Northern Arc, Alteria and MAS Financial, it added.

Jai Kisan, operated by Greenizon Agritech Consultancy, will use the fresh capital to expand its product suite and strengthen its data science and engineering capabilities. A part of the capital will also be used to hire, it added.

Prior to this funding round, Jai Kisan raised $30 million in debt and equity in its Series A investment led by Mirae Asset in May last year.

Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is building a full-stack financial services platform for rural individuals and businesses. Its app — Bharat Khata — helps rural businesses digitise transactions and capture insights into the financial needs of customers. Bharat Khata has 100,000 businesses on its app, it said. Jai Kisan has also implemented its low-cost farmer financing at point-of-sale (POS) that helps complete loan journey within 10 minutes. Jai Kisan claims that it has facilitated over $220 million credit on an annualised basis and recorded a 4x growth within 12 months.

“We were immediately struck by the opportunity that Jai Kisan has to help enable better financing to rural Indians,” said George Roche of Yara Growth Venture, which is the corporate venture capital arm of Norway-headquartered crop nutrition and agriculture company Yara International ASA.

Ryu Muramatsu, director and founding partner of Japanese venture capital firm GMO VenturePartners, noted that enabling access to financial services can fundamentally change the lives of hundreds of millions of rural Indians.

“We will continue to build on the back of this support and create impact in this underserved space, leveraging creative new age solutions and keeping customer experience at the core of our beliefs,” said Arjun Ahluwalia, co-founder and CEO, Jai Kisan.

Veda Corporate Advisors and Investec India acted as financial advisors to Jai Kisan for the fundraising.

Fintech startups have been attracting both early stage and growth funding in recent weeks despite the liquidity squeeze in the market.

Just last week, consumer neo-banking company Niyo raised $30 million from homegrown private equity firm Multiples.

Last month, fintech unicorn Slice raised $50 million in a Series C funding round led by existing investor Tiger Global. MSME fintech lender FlexiLoans and small business credit platform Kissht raised significant growth capital of $90 million and $80 million respectively, last month in other notable recent fintech funding.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.

More
Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source link

Previous articleAudax Private Debt Provides Financing to Support Genstar Capital’s Investment in Cerity Partners
Next articleThese 10 Semiconductor Stocks Are Popular On Reddit

LEAVE A REPLY

Please enter your comment!
Please enter your name here