A rural finance business based in Mumbai named Jai Kisan has raised $50 million in the first close of its current series B round, bringing on new investors GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures.
Jai Kisan is a 2018 startup that assists rural MSMEs in digitizing transactions and obtaining loans to expand their enterprises. In order to encourage customer awareness and financial literacy, it also provides a purchase now, pay later function through its app Bharat Khata, which is available in nine different languages.
According to the company, the money will be used to increase the firm’s data science and engineering skills, extend the company’s product line, and hire additional employees. The business claims that, on an annual basis, it has enabled more than US $220 million in low-cost loans.
The fintech company intends to digitize consumer interactions with payments, insurance, and savings.
In its series A investment round, sponsored by Mirae Asset, which is also a returning investor in the current round, Jai Kisan previously collected US $30 million.
