Rural-focused fintech startup Jai Kisan has secured a Non-Banking Finance Company (NFC)NBFC) license after acquiring a majority stake in Kushal Finnovation Capital, an NBFC specializing in supply chain finance.
The license empowers Jai Kisan to design and distribute customized financial products, including loansdirectly from your own portfolio.
In addition, the company can now enter into joint lending partnerships with leading financial institutions, including public sector banks in India.
Expansion of services with new NBFC license
Previously, Jai Kisan’s services were limited to offering financial products provided by its partner banks and NBFCs through its platform.
With the acquisition of the NBFC license, the company can now directly create and offer financial solutions tailored to the specific needs of farmers and rural businesses.
Who are the founders?
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan focuses on bridging the financial gap in rural India.
The startup has developed a comprehensive digital ecosystem that connects businesses, rural intermediaries and financial institutions to facilitate supply chain financing and buy now, pay later (BNPL) options for products such as agricultural inputs and equipment.
It claims to have partnered with over 350 companies, served over one lakh rural businesses and helped over eight hundred thousand farmers, facilitating the disbursement of over Rs 6,000 crore in loans.
Appointment of senior advisors
To strengthen its governance and risk management capabilities, Jai Kisan has expanded its advisory board, bringing in experienced bankers like Arvind Kathpalia and Ravi Duvvuru as senior advisors.
Looking ahead, the company is planning a fresh round of fundraising in the next two to three quarters to support the operationalization of its NBFC.
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