Jai Kisan, a rural fintech startup, has received regulatory approval from the Reserve Bank of India (RBI) to acquire a majority stake in Non-Banking Financial Company (NBFC) Kushal Finnovation Capital. While the specifics of the stake acquired were not disclosed, this strategic move marks a significant step in Jai Kisan’s mission to enhance financial services for India’s rural and farming communities.
With the acquisition of Kushal Finnovation Capital, Jai Kisan aims to create and deliver innovative, customized financial products directly to its farmer and rural business customers. By leveraging its newly acquired NBFC subsidiary, the company plans to make its offerings more accessible, affordable, and impactful, addressing the unique needs of its target market.
“With the NBFC subsidiary, Jai Kisan will be able create and deliver customized, innovative, and relevant products directly to its farmer and rural business customers in a more accessible and seamless manner making its products cheaper, faster, and more impactful,” Jai Kisan said in a statement, as quoted by PTI.
The company also emphasized that this acquisition will not only enable it to better serve its existing customers but also strengthen its partnerships with other financial institutions. Through deeper integration and collaboration, Jai Kisan seeks to advance co-lending initiatives and further financial inclusion across rural India.
Arjun Ahluwalia, co-founder and CEO of Jai Kisan, said, “The NBFC subsidiary 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.”
Jai Kisan has garnered support from prominent investors, including British International Investments, Mirae Asset, Arkam Ventures, Blume Ventures, NABARD’s VC Fund NabVentures, GMO Ventures, and DG Daiwa Ventures. Since its inception, the company has facilitated over ₹6,000 crore in loans to farmers and rural businesses, underscoring its commitment to driving economic growth and financial inclusion in rural India.