Fixed income platform Jiraaf has raised $8.7 million in its Series B funding round co-led by Accel and Harmony Partners. It also saw participation from Capital A and other angel investors.
Founded in September 2021 by Saurav Ghosh and Vineet Agrawal, Jiraaf curates and offers fixed income investment opportunities through a customer friendly digital platform. The platform offers products including treasury bills, corporate bonds, asset leasing and venture debt which allows an investor to build a portfolio between 7% to 18% yield with a tenure ranging from 30 days to 3 years.
According to Ghosh, the funds will support the firm’s commitment towards bringing high quality fixed income instruments in a transparent and convenient manner.
Jiraaf claims to have boarded more than 125,000 registered users. According to the startup, it has originated over Rs 2,300 crore worth of investments till date and repaid Rs 1,500 crore of capital back to customers with zero defaults.
It has partnered with over 50 borrowers including Caratlane, Homecredit, Edelweiss, Zuari International, Vivriti Capital, Prabhudas Liladhar and Everest Fleet.
Prior to this, Jiraaf had raised $7.5 million in Series A round led by Accel in June 2022. The round saw participation from Mankekar family office, Capital A, angel investors including Siddharth Shah (co-founder Pharmeasy) and Ramakant Sharma (co-founder Livspace).
Accel announced its seventh India-focused fund worth $650 million in March last year to focus on early, seed and pre-seed stage startups. Since then, the VC firm has backed Credgenics, Rigi, FitBudd, Produze, Powerplay, Brick&Bolt, ApnaMart, and others. It also runs an accelerator program called Accel Atoms.
