Jai Kisan acquires majority stake in Kushal Finnovation, gets NBFC license

Rural fintech startup Jai Kisan has received an NBFC license through its majority strategic acquisition of Kushal Finnovation Capital Private Limited. 

With the NBFC license, Jai Kisan will now be able design and distribute more customized and diverse credit products to its farmer and business customers. Going forward, the firm will also co-lend in partnership with leading financial institutions including public sector banks in India.

Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a rural-focused neo bank which offers credit for transactions in online and offline rural commerce environments to individuals and rural businesses.

Jai Kisan partners with equipment dealers, agriculture retailers, collection centers and market linkage platforms to directly provide credit to farmers, working in the agriculture, poultry and dairy value chain. Last year, it also launched Bharat Khata which offers a digital ledger for rural businesses.

Jai Kisan works with over 350 corporate partners, 100,000 rural businesses, 800,000 rural individuals and farmers, and 15 large financial institutions. The firm claims to have facilitated disbursals of over Rs 6,000 crore since inception, with Rs 3,000 crore in FY24.