Jai Kisan Gains NBFC License Through Kushal Finnovation Acquisition This new licence will empower Jai Kisan to develop and offer a broader range of tailored credit products to its rural and agricultural clientele.
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Rural fintech startup Jai Kisan has expanded its capabilities by securing a Non-Banking Financial Company (NBFC) licence through a strategic acquisition of Kushal Finnovation Capital Private Limited.
This new licensing will empower Jai Kisan to develop and offer a broader range of tailored credit products to its rural and agricultural clientele. The firm is now positioned to co-lend with prominent financial institutions, including public sector banks across India.
Jai Kisan's co-founder and CEO, Arjun Ahluwalia, said, "Close to a billion people reside in the hinterlands of India. Positive government reforms and the availability of affordable data and smartphones have transformed rural India into an equally connected community. The NBFC licence allows us to cater to our farmer and rural business customers with credit products they want, how they want them, when they want them, and where they want them—which is what they deserve."
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan operates as a rural-focused neo bank. It provides credit for both online and offline transactions in rural commerce settings.
The startup collaborates with equipment dealers, agricultural retailers, collection centers, and market linkage platforms to deliver credit directly to farmers involved in agriculture, poultry, and dairy sectors. Additionally, Jai Kisan recently launched Bharat Khata, a digital ledger designed for rural businesses.
"Jai Kisan can now scale faster within the regulatory framework that the licence provides. It can operate as a player who can access more credit directly and disburse it faster to its rural customers. As Jai Kisan's early investors, we see this as a significant step towards building a rural India-focused financial institution," added Rahul Chandra, Managing Director of Arkam Ventures.
Currently, Jai Kisan claims to collaborate with over 350 corporate partners, 100,000 rural businesses, 800,000 rural individuals and farmers, and 15 major financial institutions.
Since its inception, the firm claims to have facilitated disbursals exceeding INR 6,000 crore, with INR 3,000 crore in fiscal year 2024 alone.
The startup last secured USD 50 million in a Series B funding round in July 2022, comprising both equity and debt investments.
