Rural fintech startup Jai Kisan receives RBI approval to acquire majority stake in NBFC Kushal Finnovation Capital

Jai Kisan, a rural fintech startup, said it has received Reserve Bank of India’s approval to acquire majority shareholding in Kushal Finnovation Capital Pvt Ltd, a registered NBFC.

Through the NBFC subsidiary, Jai Kisan said it will be able to design and distribute more credit products to its farmer and business customers.

Going forward, the NBFC will not only originate loans but also co-lend in partnership with financial institutions, including public sector banks, per a statement issued by Jai Kisan.

The startup said it has created a digital, closely knit ecosystem of corporates, rural intermediaries (distributors, retailers and suppliers), and financial services institutions (banks and NBFCs) to facilitate supply chain financing to rural businesses and buy-now-pay-later financing options for income generating products like crop inputs and equipment to individual customers and farmers.

Jai Kisan, whose investors include British International Investments, Mirae Asset, Arkam Ventures, Blume Ventures, NABARD’s VC Fund — NabVentures, GMO Ventures, DG Daiwa Ventures amongst others, said it has facilitated disbursals of over ₹6,000 crore viaits banking partners to its farmer and rural business customers since inception, with ₹3,000 crore in FY24.