In a strategic move poised to enhance its service offerings, rural fintech startup Jai Kisan has acquired a majority stake in Kushal Finnovation Capital Private Limited, securing a crucial Non-Banking Financial Company (NBFC) license in the process.
This acquisition marks a significant milestone for Jai Kisan, as it paves the way for the company to broaden its credit product portfolio. With the new NBFC license, Jai Kisan will now have the capacity to design and distribute a wider range of customized financial products tailored specifically for its farmer and business clientele. Additionally, the firm is set to enter into co-lending partnerships with prominent financial institutions, including public sector banks across India.
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan has established itself as a pioneering rural-focused neo-bank. The company provides credit solutions for transactions within both online and offline rural commerce environments, catering to individuals and businesses operating in rural areas.
Jai Kisan’s ecosystem includes partnerships with equipment dealers, agriculture retailers, collection centres, and market linkage platforms. These collaborations enable the firm to deliver direct credit to farmers and businesses involved in the agriculture, poultry, and dairy sectors. Last year, Jai Kisan introduced Bharat Khata, a digital ledger aimed at streamlining financial management for rural businesses.
The company’s network is extensive, involving over 350 corporate partners, 100,000 rural businesses, 800,000 rural individuals and farmers, and 15 major financial institutions. Since its inception, Jai Kisan has facilitated credit disbursals exceeding Rs 6,000 crore, with Rs 3,000 crore disbursed in the fiscal year 2024 alone.
With this acquisition and the new NBFC license, Jai Kisan is set to enhance its impact on rural financial inclusion, offering more robust and varied financial solutions to its diverse customer base.
