Rural fintech startup Jai Kisan gets RBI nod for NBFC acquisition

New Delhi: Rural fintech startup Jai Kisan on Tuesday said it has received regulatory approval from the Reserve Bank of India for the acquisition of a majority stake in NBFC Kushal Finnovation Capital.

Details of the stake acquired were not disclosed.

"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.

The acquisition will also enable Jai Kisan to strengthen its partnerships and integrate systems more deeply with its financial institution partners to provide co-lending and further financial inclusion, it added.

"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 co-founder and CEO Arjun Ahluwalia said.

Jai Kisan is backed by marquee investors, including British International Investments, Mirae Asset, Arkam Ventures, Blume Ventures, NABARD’s VC Fund NabVentures, GMO Ventures, and DG Daiwa Ventures, among others.

It has facilitated over Rs 6,000 crore of loans to farmer and rural business customers, since its inception in 2017.