Rural fintech startup Jai Kisan has announced that it has raised $50 million (₹398.5 crores) in a Series B funding round. The funding is said to be a mix of equity and debt, various media sources have reported.
The funding round included participation from GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures, and existing investors such as Blume Ventures, Arkam Ventures, Mirae Asset, and Snow Leopard Ventures. The debt funding was provided by Northern Arc, Alteria, and MAS Financial.
The Mumbai-based startup is run by Greenizon Agritech Consultancy and will utilise the investment to expand its product, strengthen its data science and hire new talents.
The fintech firm's valuation has reached $200-240 million post the funding and it is expected to raise an additional $30-50 million in funds in the future.
Jai Kisan was founded in 2017 by Arjun Ahluwalia and Adriel Maniego with the aim to build a full-stack financial services platform for rural individuals and businesses.