The round was attended by new investors GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures. Existing investors Blume, Arkam Ventures, Mira ActiveSnow Leopard Ventures and others.
Jai Kisan has raised debt financing from investors such as Northern Arc, Alteria and MAS Financial.
The company said it will use the proceeds to expand its product portfolio and improve the customer experience. “The funding will also help accelerate the growth of existing products, strengthen talent, and enhance opportunities in data science and engineering,” he added.
In 2021 Jai Keesan
raised $30 million in Series A funding roundfollowed in October by a $3.3 million debt financing round.
Founded in 2017 by Arjun Ahluwalia and Adriel Manyego, the company aims to create convenient financial services for individuals and businesses in rural India.
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He said he helped deploy more than $220 million in low-cost loans year on year and recorded a quadruple of growth in 12 months.
“We were immediately blown away by the opportunity Jai Keesan has to help provide better financing for rural India,” said George Roche of Yara Growth Ventures. “Better access to credit can help micro, small and medium enterprises grow their businesses and help products improve their yield and quality,” said Erkki Aaltonen, managing director of Yara Growth Ventures.
jai kisan app, Bharat Khata, available in nine languages. With over 100,000 businesses in Bharat Khata, the company said it has a unique understanding of over $1 billion worth of rural trade and has access to over five million people.
“We will continue to make an impact in this underserved space with next generation creative solutions and keeping customer experience at the core of our beliefs,” said Arjun Ahluwalia, co-founder and CEO of Jai Kisan.
“Jai Kisan’s roadmap includes the digitization of savings, insurance and payments for its users,” the company said in a statement.