Rural fintech startup Jai Kisan on Friday said it has raised $50 million. 398.5 crore) in a mix of equity and debt in the first close of its ongoing Series B funding round.
A person close to the deal said the capital was raised at a valuation of $200-240 million. The Mumbai-based startup is expected to raise an additional $30-50 million as part of the round in a mix of equity and debt, the person cited above requested anonymity.
Jai Kisan said in a statement that the new capital was raised from new investors, GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures and existing investors such as Bloom Ventures, Arkum Ventures, Mirae Asset and Snow Leopard Ventures.
It said the debt financing was provided by Northern Arch, Alteria and MAS Financial.
Jai Kisan, operated by Greenizen Agritech consultancy, will use the funds to expand its product suite and strengthen its data science and engineering capabilities. It added that a part of the capital raised would also be used for mobilizing talent.
Prior to this round, Jai Kisan had raised $30 million in debt and equity in a Series A round led by Mirae Asset in May last year.
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is building a full-stack financial services platform for rural individuals and businesses. Its Bharat Khata app helps rural businesses digitize transactions and access information about customers’ financial needs.
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