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Rural fintech startup Jai Kisan on Friday said it has raised $50 million ( 398.5 crore) in a mix of equity and debt in the first close of its ongoing Series B funding round.

A person close to the deal said the capital was raised at a valuation of $200-240 million. The Mumbai-based startup is expected to raise additional $30-50 million as part of the round in a mix of equity and debt, the person cited above said requesting anonymity.

The fresh capital was raised from new investors, GMO Venture Partners, Yara Growth Ventures and DG Daiwa Ventures, and existing investors such as Blume Ventures, Arkam Ventures, Mirae Asset and Snow Leopard Ventures, said Jai Kisan in a statement.

The debt funding was provided by Northern Arc, Alteria and MAS Financial, it added.

Jai Kisan, run by Greenizon Agritech Consultancy, will use the money to expand its product suite and strengthen its data science and engineering capabilities. A portion of the capital raised will also be used to add talent, it added.

Prior to this round, Jai Kisan raised $30 million in debt and equity in a Series A round led by Mirae Asset in May last year.

Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is building a full-stack financial services platform for rural individuals and businesses. Its Bharat Khata app helps rural businesses digitize transactions and capture insights into the financial needs of customers.

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