Fintech platform Jai Kisan has announced that it has raised $1.5 million in a seed round, led by venture fund Blume Ventures, Prophetic Ventures, Better Capital, Astarc Ventures, Harshbeena Zaveri (NRB Bearings), Sanjay Mariwala (OmniActive) and other HNIs and founders of successful technology companies.
According to a release, the company intends to use the newly raised funds to extend its financing services to more farmers, partner with more lending institutions, expand operations across four more states, increase its network of channel partners, accelerate customer acquisition and build a team positioned to scale.
Jai Kisan, the release stated, is a fintech platform de-risking the flow of capital to rural emerging markets by facilitating and providing financing for income generating purposes.
The company credits an innovative securitisation solution and technologically led value proposition for the sellers of products and services it finances, for being able to distribute loans at low rates (~12% pa), quickly (within 7 days) with minimal paperwork while generating risk adjusted required rate of returns for the lender.
“Most startups operating in rural India believe in disrupting the current status quo. We don’t believe economic and social impact can be achieved by displacing the traditional stakeholders who have been operating with decades of experience, gained local goodwill and strongholds, and are socially and economically influential in their local ecosystems,” said Arjun Ahluwalia, founder and CEO of Jai Kisan.
Jai Kisan, has currently launched operations in Maharashtra and Karnataka with over 25 channel partner outlets.