The fixed income platform Jiraaf, owned by AI Growth Pvt Ltd, has raised $8.7 million 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 and other angel investors. The fund infusion will support the company bringing high quality fixed income instruments in a transparent and convenient manner.
“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,” said Saurav Ghosh, Co-Founder at Jiraaf.
Commenting on the investment, 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 crore 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.”
About Jiraaf
Founded in September 2021 by Saurav Ghosh and Vineet Agrawal, Jiraafcurates andoffers fixed income investment opportunities through a customer friendly digital platform. The startup is on a mission to democratize fixed income in India.
Jiraaf curates opportunities where an investor is able to realize an average portfolio yield of 12.5%. It has partnered with over 50 borrowers including Caratlane, Homecredit, Edelweiss, Zuari International, Vivriti Capital, Prabhudas Liladhar and Everest Fleet.
As per an official release, Jiraaf’s current offerings include unlisted corporate debt, invoice discounting, real-estate linked debt, asset backed leasing, and venture debt/revenue-based financing. Opportunities brought by Jiraaf typically have annualized IRR between 8-20% with tenors ranging from 30 days to 3 years and have a minimum ticket size of just 1 lakh. The company further claims that 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.
