Jai Kisan extends its Series B round to raise additional funds
The extended Series B round of Jai Kisan, a rural fintech startup, has raised Rs 26.5 crore (roughly $3 million) from its current investors, Blume Ventures, Mirae Asset, and Unitary Fund.
In order to raise Rs 26.5 crore, or $3 million, the board of Jai Kisan has passed a special resolution to issue 980 compulsory cumulative preference shares (CCPS) at an issue price of Rs 2,70,133 per share, according to its regulatory filings obtained from the Registrar of Companies (RoC).
Blume Ventures and Unitary Fund contributed Rs 2 crore and Rs 12 crore, respectively, while Mirae Asset Venture contributed Rs 12.5 crore. Entrackr estimates the post-allotment value of the company to be approximately $180 million.
Jai Kisan is a rural-focused neo bank that was founded in 2017 by Arjun Ahluwalia and Adriel Maniego. It provides credit to rural businesses and individuals for transactions in both offline and online rural commerce environments.
In the fiscal year that concluded in March of FY24, Jai Kisan reported operating revenue of Rs 39 crore, but it also reported a loss of Rs 51 crore during that same period. Through its majority strategic acquisition of Kushal Finnovation Capital Private Limited, the company was granted an NBFC license last year.
