Fixed-Income Investment Platform Jiraaf Raises $8.7 Million

Fixed-income investment solution provider Jiraaf has raised $8.7 million in a latest funding round jointly led by existing investor Accel and U.S.-based Harmony Partners.

AI Growth, which owns Jiraaf, said that the series B round also saw participation from Capital A, the Mankekar family office, and angel investors like Siddharth Shah (co-founder of Pharmeasy) and Ramakant Sharma (co-founder of Livspace).

Jiraaf had earlier raised $7.5 million in a Series A round led by Accel in April 2022.

Founded by Saurav Ghosh and Vineet Agrawal in September 2021, Jiraaf offers curated fixed-income investment opportunities to customers.

"Over the last two 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 transactions and portfolio tracking," said co-founder Ghosh.

Barath Shankar Subramanian, Partner at Accel, said, "Cumulative household savings in India are at Rs 13.75 lakh crore with immense potential for allocation to credible fixed income products."

With over 125,000 registered users, Jiraaf has, to date, facilitated investments worth Rs 2,300 crore and repaid Rs 1,500 crore in capital to customers, offering them the opportunity to build portfolios with yields ranging from 7 to 18% for a period of 30 days to 3 years.

Accel has invested in over 200 startups including 22 unicorns. Harmony Partners has investments across 100-plus companies in excess of $1 billion.