Jai Kisan, a Mumbai based company formed in order to help the farming community of the country has secured $1.5 million in seed round funding. Blume Ventures led the fresh funding along with a number of backers that included early-stage tech investment firms Astarc Ventures and Prophetic Ventures, and UK-based investment firm Better Capital. Notably, few other high-net income individuals and entrepreneurs also participated in the seed financing. However, they chose to be anonymous.
The fintech platform was launched in 2017 by Adriel Maniego and Arjun Ahluwalia with an aim to empower the farmers by offering them low-cost capital for the purchase of buying equipment, chemical nutrients, fertilizers, seedlings, and seeds. Using the fresh funds, Jai Kisan plans to increase the loan book size, partner with more lender platforms and institutions along with growing their team.
Ahluwalia, the COE of the company commenting on the current scenario in the rural parts of the country said, “Most startups operating in rural India believe in disrupting the status quo. We don’t believe economic and social impact can be achieved by displacing the traditional stakeholders."
“Jai Kisan’s platform provides a value proposition to each stakeholder by making their existing processes more efficient and leverages them to further create significant social and economic impact for the farmer and the rural community at large,” he added talking about the platform.
Currently operational in Maharashtra and Karnataka, the platform claims to be disbursing the loans within a week with minimum paperwork requirement at 12% annual interest rate.
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