Jai Kisan Acquires Kushal Finnovation Capital, Received NBFC Licence

Through its acquisition of Kushal Finnovation Jai Kisan, a rural fintech startup, has received an NBFC license Capital Private Limited. The NBFC licence will allow Jai Kisan to design and distribute more customised and diverse credit products to farmers and business customers, it said in a statement.

Going forward, the firm along with originating loans it will also co-lend in partnership with leading financial institutions,which includes  public sector banks in India, the company said. Arjun Ahluwalia, Co-founder and CEO of Jai Kisan said, "Jai Kisan has been committed and driven by a vision to build for rural India from inception. We are grateful to the regulator for recognising Jai Kisan’s potential to create widespread impact and further enabling us to directly create financial inclusion”.

The fintech startup has facilitated over Rs 6,000 crore of loans from banking partners to farmers and rural business customers, the company said, with Rs 3,000 crore in FY24 alone. "The NBFC allows us to cater to our farmer and rural business customers with credit products they want, how they want them, when they want them and where they want them—which is what they deserve”,  Ahluwalia added.

It last raised $50 million in a mix of equity and debt in a Series B funding round in July 2022.
Now, the startup works with 350+ corporate partners, 100,000+ rural businesses, 800,000+ rural individuals and farmers, and 15+ large financial institutions. Since inception it has facilitated payout of over Rs 6,000 crore.
 

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