Jiraaf has raised $8.7mn in equity as part of Series B funding round. The round was co-led by Accel and Harmony Partners. It also saw participation from Capital A & 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. Jiraaf said in a statement that it has established itself as a market leader with more than 125,000 registered users. It has originated over INR 2,300 crores worth of investments till date and successfully repaid INR 1,500 crores of capital back to customers with zero defaults till date.
Saurav Ghosh, Co-Founder at Jiraaf, said: “We are thrilled and humbled by the trust from our customers, investors and partners. Over the last 2 years, our endeavour has been to enable investors to deepen their fixed income portfolio by curating high quality opportunities and making them easily accessible. We have been able to build a robust tech platform that allows seamless transaction and portfolio tracking, making Jiraaf the first port of call for anything fixed income. We are fortunate to have customers building their credit portfolio on Jiraaf by transacting more than 10 times in the first 6 months and expanding their portfolio. The fund infusion will support our commitment towards bringing high quality fixed income instruments in a transparent and convenient manner.”
Barath Shankar Subramanian, Partner at Accel, said: “We believe Jiraaf is a category leading company in alternative investments in India. Cumulative household savings in India are at INR 13.75 lakh crores with immense potential for allocation to credible fixed income products. Mutual funds and robust equity markets have given Indian savers a good foundation for financial products. High quality fixed income products would fulfil an important gap in an investor’s portfolio. Jiraaf is transforming the investment landscape by making alternative fixed income accessible through a simple and transparent platform.”