Rural fintech startup Jai Kisan reported a 9.5% increase in revenue for FY24, reaching Rs 48 crore, up from Rs 43.82 crore in FY23.
Its revenue from operations accounted for over 80% of total revenue in FY24, down from nearly 98% in FY23. Its operating revenue streams include interest income, contributing over 39%; technology fee income, contributing over 32%; commission income, accounting for nearly 17%; and service fees and other income making up the remainder.
Founded in 2017 and headquartered in Mumbai, Jai Kisan offers flexible, low-cost credit for agricultural and rural income-generating assets such as farm and dairy equipment. Through its neo-banking platform, Bharat Khata, the company provides a comprehensive suite of financial solutions to individuals and businesses in rural India.
Despite flat topline growth, the company demonstrated improved financial discipline in FY24. Total expenses dropped to Rs 99 crore, down from Rs 113.32 crore in FY23, helping narrow losses to Rs 51 crore, a 26.6% reduction from the previous year’s Rs 69.5 crore loss. Operational efficiency also improved significantly, with EBITDA margin rising from -95.85% in FY23 to -41.07% in FY24, and ROCE improving from -22.58% to -16.96%.
Key cost components shifted meaningfully during the year. Employee benefit expenses accounted for 31.6% of FY24 spending, down from 46% in FY23, while finance costs increased to 25.25%, up from 21.5%. Spending on advertising was also trimmed to 1% of expenses, down from 2.8% the year before.
Jai Kisan is co-founded by Arjun Ahluwalia and Adriel Maniego, who hold 16.96% and 9.88% equity stakes, respectively. The startup has raised Rs 707.4 crore across six funding rounds, with the latest Series B round closed in April 2025. Other notable stakeholders include Unitary Fund (11.26%) and an ESOP pool (7.65%).