The duo's passion to drive innovation and technology
in order to bring down the cost of capital and increase access to financial services for rural India was the story behind the origin of Jai Kisan.
The Mumbai-based rural fintech firm, which launched formal operations in April 2019, ties up with equipment or input dealers (who sell to farmers) or agri-commodity dealers, retailers, mandis, farmers producer organisations and even e-commerce firms (who buy from farmers) to provide credit for the transactions done by farmers. This is done by placing a laptop or a tablet at the business premises or directly integrating into some of the organisations's digital platforms for loan disbursement from banks and non-banking financial companies (NBFCs). Jai Kisan currently focuses on the agriculture, dairy and poultry value chains that 70 per cent of rural Indians transact with on a weekly or a monthly basis for their business needs.
In an attempt to digitise rural consumer records, Jai Kisan is also investing heavily in artificial intelligence to derive multi-level insights into rural consumers and businesses. This is done in order to predict the spending patterns or capture early signs of stress. The firm is building a next-generation platform primed to reimagine the way financial institutions look at the rural markets, shifting the view from a mandate to a lucrative market.
Till June, Jai Kisan has disbursed over Rs 50 crore in working capital loans to more than 5,500 farmers across 10 states - recording over 10x growth year-to-date. It is partnered with 3 banks and 5 NBFCs, including Avanti Finance that is promoted by veterans Ratan Tata and Nandan Nilekani.
Earlier this month, the startup raised Rs 30 crore in Pre Series A funding backed by Arkam Ventures (formerly Unitary Helion), with participation from Nabventures \Fund I. This was Nabventures' (Nabard's investment arm) maiden investment since its launch in May last year. The company plans to utilise the investment for strategic recruitment to achieve scale and further enhance its tech platform and product development.
The pandemic has also given the much-needed fillip to the agri-tech space as more farmers are harnessing the benefits of digitisation and technology
at an unprecedented rate. "As legacy and rigid models of transacting faltered in the lockdown era, farmers are more forthcoming to new-aged models as they are now seeing the benefits of technologically-driven supply chains. Well-positioned farmers and tech-enabled businesses have seen an uptick in business," said Ahluwalia recently got featured in Forbes 30 under 30 Asia list.
Going forward, the agritech firm aims to venture into more states across the country, mainly the north-east, while aiming to clock total disbursements of over Rs 150 crore by the end of the financial year-ending 2021.
Enable GingerCannot connect to Ginger Check your internet connection
or reload the browserDisable in this text fieldEditEdit in GingerEdit in Ginger×