The Week that Was: Indian Startup News Overview (31th March - 6th April)
Funding News: Jai Kisan Secures Extended Series B Funding to Propel Rural Fintech Growth
Startup: Jai Kisan
Founder: Arjun Ahluwalia
About us: Jai Kisan's platform is built to empower the growth of rural individuals and businesses. We provide low cost and timely financing to meet working capital requirements and for the purchase of agricultural equipment and other rural yield generational assets that is more flexible and transparent than any other credit option available today.
Founded Year: 2017
Office: Mumbai, Maharashtra
Sector: Financial Services
Funding Round: Series B
Investors: Unitary Fund, Mirae Asset Venture, Blume Ventures
Jai Kisan achieved a successful funding round of Rs 26.5 crore through a Series B extension that attracted investments from existing backers like Unitary Fund and Mirae Asset Venture and Blume Ventures. Board members accepted funding through a special resolution to distribute 980 compulsory cumulative preference shares (CCPS) at Rs 2,70,133 per share issue price. The strategic funding gives vital financial resources to the company while demonstrating its dedication to rural financial services progress.
The documents submitted to the Registrar of Companies reveal that Mirae Asset Venture paid Rs 12.5 crore and Unitary Fund channeled Rs 12 crore while Blume Ventures provided Rs 2 crore. After the funding allocation Jai Kisan expects its post-allotment market value to reach approximately $180 million. Jai Kisan was established by Arjun Ahluwalia and Adriel Maniego in 2017 to become a major neo banking force which delivers credit solutions for rural areas through both offline and online channels.
Website: http://www.jai-kisan.com
