Rural fintech startup Jai Kisan announced on Tuesday that it would soon acquire a majority stake in NBFC Kushal Finnovation Capital. The company announced that it has received approval from the Reserve Bank of India to do the same. However, the specifics of the stake acquired were not disclosed.
With the acquisition of the NBFC subsidiary, Jai Kisan aims to deliver tailored, innovative financial products directly to its farmer and rural business customers, making these offerings more affordable, efficient, and impactful, the company said.
The move will also allow Jai Kisan to deepen its partnerships and better integrate with financial institution partners, enabling co-lending opportunities and in further financial inclusion, the statement added.
"This NBFC subsidiary empowers us to serve our farmer and rural business customers with the credit products they need—on their terms, when and where they need them," said Jai Kisan co-founder and CEO Arjun Ahluwalia.
Jai Kisan is supported by marquee investors, including British International Investments, Mirae Asset, Arkam Ventures, Blume Ventures, GMO Ventures, and DG Daiwa Ventures.
Since its inception in 2017, the company has facilitated over Rs 6,000 crore in loans to farmer and rural business customers.
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