Fintech startup Jai Kisan secures NBFC licence; to focus on loan distribution, co-lending
Rural-focused fintech startup Jai Kisan has obtained a non-banking finance company (NBFC) licence following its acquisition of a majority stake in Kushal Finnovation Capital, an NBFC specialising in supply chain financing.
Arjun Ahluwalia, cofounder and chief executive officer of Jai Kisan is a non-executive director of Kushal Finnovation Capital.
With this new NBFC licence, Jai Kisan can now offer customised financial products including loans from its own portfolio. The company will also be able to enter into co-lending partnerships with financial institutions, including public sector banks in India.
Previously, Jai Kisan’s offerings were limited to products provided by its partner banks and NBFCs through its platform. The new license enables Jai Kisan to directly create and deliver tailored financial solutions to farmers and rural businesses, according to Ahluwalia.
“Close to a billion people reside in the hinterlands of India. Positive government reforms and availability of affordable data and smartphones have transformed rural India into an equally connected community. The NBFC licence 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,” Ahluwalia said.
Founded in 2017 by Ahluwalia and Adriel Maniego, Jai Kisan is a technology-driven financial services platform catering to rural businesses, individuals, and farmers. The company has developed a digital ecosystem connecting
