Fixed income platform Jiraaf raised $8.7 M Series B funding from Accel, Harmony
Jiraaf, a platform for fixed-income trading, has raised $8.7 million in a Series B funding round that was jointly led by Accel and Harmony Partners. Capital A and other angel investors joined in as well.
By using a user-friendly digital platform, Jiraaf, which was founded in September 2021 by Saurav Ghosh and Vineet Agrawal, curates and offers fixed-income investment opportunities. The platform provides treasury bills, corporate bonds, asset leasing, and venture debt products that enable an investor to build a portfolio with a yield between 7% and 18% over a tenure of between 30 days and three years.
The funds, in Ghosh’s opinion, will help the company fulfill its promise to offer premium fixed-income instruments in a straightforward and practical way.
More than 125,000 registered users, according to Jiraaf, have boarded. The startup claims to have received over Rs 2,300 crore in investments to date and to have returned Rs 1,500 crore in capital to customers with no defaults.
More than 50 different borrowers have partnered with it, including Caratlane, Homecredit, Edelweiss, Zuari International, Vivriti Capital, Prabhudas Liladhar, and Everest Fleet.
Jiraaf had raised $7.5 million in a Series A round sponsored by Accel in June 2022 prior to this. The Mankekar family office, Capital A, and angel investors like Siddharth Shah (co-founder of Pharmeasy) and Ramakant Sharma (co-founder of Livspace) participated in the round.
In March of last year, Accel revealed its seventh $650 million fund with a specific focus on startups in the early, seed, and pre-seed stages. Since then, the VC firm has supported companies like ApnaMart, Brick&Bolt, Rigi, FitBudd, Credgenics, and Powerplay. Additionally, Accel Atoms, a program for accelerators, is run by it.
