Fintech startup Jai Kisan partners with Karnataka Vikas Grameena Bank
Bengaluru: Jai Kisan has partnered with Karnataka Vikas Grameena Bank to expand its capability to provide access to low priced credit and other financial services to rural customers.
The MOU signed between the two marks the start of a long-term partnership with the bank to create grassroots level change in the state of Karnataka at over 2,000 villages through the bank’s 600+ branches where Jai Kisan has a captive farmer base of more than 1,00,000 farmers through its network.
Jai Kisan will be one of the first few fintech platforms to fully integrate with the Bank empowering a wide range of rural individuals and enterprises including – Farmers and Farmer Groups, Women Self Help Groups, and rural MSMEs with low-cost financial services, according to a release here on Wednesday.
Jai Kisan is bridging the dire need for innovative, practical, and tech-driven solutions to deploy financial services in a sustainable, cost-effective, and scalable manner in rural India. Jai Kisan brings its unique product offerings to the rural market coupled with a full-stack technology platform to provide seamless and instant access to financial services to fuel the growth of rural Indians. Jai Kisan’s new-age financial services platform, coupled with the reach of the Bank is expected to deliver a significant impact over the course of this partnership to rural Indians in Karnataka. Jai Kisan has been able to leverage its tech platform over the course of its journey to be able to reach some of the remotest pockets in the country. In April and May ‘20, when the entire country was locked down, Jai Kisan worked closely with its existing partner Omniactive Health Technologies to provide pre-harvest credit to its farmer network, impacting over 9,000 small and marginal farmers in Karnataka.
Jai Kisan Founder and C EO Arjun Ahluwalia, speaking on the occasion, said “We are very excited to partner with KVGB to bring low-cost financial services to rural Indians across the state. Karnataka has been one of our most progressive states with a thriving agritech ecosystem and this partnership will help us significantly increase our reach and impact by catering the unserved in the deepest pockets of the state.”
Jai Kisan works with over 550+ large corporates, agri-tech startups, rural SMEs, and well-governed farmer cooperatives and societies to provide its suite of financial services with a digital-first approach, to their network of farmers and small and micro-businesses.
At an annualized loan disbursal run rate of over Rs 280cr as of December 2020 (within 12 months of facilitating the first loan through the platform) and achieving operational profitability already, Jai Kisan has been rapidly expanding its presence across the country over the past year. Jai Kisan has sparked disruption in a largely cash-driven ecosystem with the aim of empowering every rural Indian with a digital and financial footprint and a vision of changing the way money works in rural India.
