In its extended Series B round, rural financial firm Jai Kisan raised Rs. 26.5 crore, or around $3 million, from its current backers, Blume Ventures, Unitary Fund, and Mirae Asset.
According to its regulatory filings obtained from the Registrar of Companies (RoC), the board of Jai Kisan has enacted a special resolution to allocate 980 compulsory cumulative preference shares (CCPS) at an issue price of Rs. 2,70,133 per share in order to raise Rs. 26.5 crore, or $3 million.
While Unitary Fund and Blume Ventures contributed Rs. 12 crore and Rs. 2 crore, respectively, Mirae Asset Venture contributed Rs. 12.5 crore. Entrackr estimates that the company's post-allotment worth is around $180 million.
Jai Kisan is a rural-focused neo bank that was founded in 2017 by Arjun Ahluwalia and Adriel Maniego. It provides loans to rural enterprises and individuals for transactions in both offline and online rural commerce contexts.
In the fiscal year that concluded in March of FY24, Jai Kisan reported operating revenue of Rs. 39 crore, but it also reported a loss of Rs. 51 crore during that same period. Through its 75% strategic acquisition of Kushal Finnovation Capital Private Limited, the company was granted an NBFC license last year.
Recently, in a fresh investment round headed by UTEC of Japan, clean energy startup Aerem, based in Mumbai, has raised Rs. 100 crore, or $11.7 million. The round also includes new investors Blume Ventures and Avaana Capital, as well as British International Investment (BII), SE Ventures, and Riverwalk Holdings.
This fresh investment round brings Aerem's total funding to about Rs. 166.47 crore ($19.5 million). An earlier fundraising round led by climate-focused investor Avaana Capital in 2023 saw Aerem raise $5 million.
