The MoU marks the start of a partnership with the bank to create grassroot level change in Karnataka at over 2,000 villages through the bank’s more than 600 branches where Jai Kisan has a farmer base of more than 1,00,000 farmers through its network. Jai Kisan will be one of the first few fintech platforms to fully integrate with the Bank empowering a wide range of rural individuals and enterprises including – farmers and farmer groups, women self help groups and rural MSMEs with low-cost financial services.
Jai Kisan is bridging the need for innovative, practical and tech-driven solutions to deploy financial services in a sustainable, cost-effective and scalable manner in rural India. The company’s brings its product offerings to the rural market coupled with a full-stack technology platform to provide an access to financial services to fuel the growth of India. In April and May ‘20, when the entire country was locked down, Jai Kisan worked closely with its existing partner Omniactive Health Technologies to provide pre-harvest credit to its farmer network, impacting over 9,000 small and marginal farmers in Karnataka.
“Karnataka has been one of our most progressive states with a thriving agritech ecosystem and this partnership will help us increase our reach and impact by catering the unserved in the deepest pockets of the state,” said Arjun Ahluwalia, Founder and CEO, Jai Kisan in a statement.
Jai Kisan works with over 550 large corporates, agri-tech startups, rural SMEs and well governed farmer cooperatives and societies to provide its suite of financial services with a digital first approach, to their network of farmers and small and micro businesses.
At an annualized loan disbursal run rate of over Rs 280 crore as of December 2020 and achieving operational profitability already, Jai Kisan has been expanding its presence across the country over the past year. The company launched ‘Bharat Khata’ in April ‘20, a digital ledger and smart business assistant solution for rural businesses to manage their businesses anytime and anywhere. Bharat Khata has captured over $250 million of annualized GTV run rate as of December 2020 and has fueled growth and cash flow optimisation for its users driving India’s rural MSMEs towards their goal of digitising, organising and formalising their businesses in the new normal.