Fixed Income Platform Jiraaf Raises $8.7M Series B Funding from Accel and Harmony Partners
- ByStartupStory | October 12, 2023
Jiraaf, the fixed income platform operated by AI Growth Pvt Ltd, has successfully secured $8.7 million in equity as part of a Series B funding round. This funding round was co-led by Accel, an existing investor, and Harmony Partners, a US-based fund, with participation from Capital A and other angel investors. The new funds will be allocated towards expanding the team in technology, investment, and customer care, according to the company’s statement. Last year, Jiraaf raised $7.5 million in a Series A round led by Accel, with contributions from the Mankekar Family Office, Capital A, Siddharth Shah (co-founder of Pharmeasy), Ramakant Sharma (co-founder of Livspace), Anuj Jhaveri (director at Barclays, Hong Kong), and Shantanu Garg (managing director and partner at Boston Consulting Group).
Established in 2021 by Saurav Ghosh and Vineet Agrawal, Jiraaf is an investment platform offering alternative fixed-income opportunities to its customers. These options encompass unlisted corporate debt, invoice discounting, real-estate linked debt, asset-backed leasing, and venture debt/revenue-based financing. According to the company, these instruments typically offer annualized IRRs between 8-20% with tenors ranging from 30 days to 3 years, and a minimum ticket size of Rs 1 lakh. Jiraaf has partnered with over 50 borrowers, including companies like Caratlane, Homecredit, Edelweiss, Zuari International, Vivriti Capital, Prabhudas Liladhar, and Everest Fleet. The platform boasts over 1.25 lakh registered users and has originated over Rs 2,300 crores worth of investments to date, repaying Rs 1,500 crores of capital back to customers with zero defaults.
“In the next 24 months, our aim is to reach more than 300,000 users, enable Rs 10,000 crore of investment. We aim to widen our offerings, enabling better diversification and choices for our customers. A key for growing our business is to not just curate high-quality investment opportunities but also provide more insightful information to our customers about different ways of creating generational wealth,” said co-founder Agrawal. In India, Jiraaf faces competition from platforms like GoldenPi, Altitude, Per Annum, and Dezerv.
Exciting news! We’re now on WhatsApp Channels too. Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!
Barath Shankar Subramanian, Partner at Accel, expressed, “Cumulative household savings in India are at Rs 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 fulfill an important gap in an investor’s portfolio.” Mark Lotke, Founder and Managing Partner at Harmony Partners, added, “Private credit is witnessing growth across the world, and India has significant potential given the size of the mid-market economy. Jiraaf as a platform can provide two-way benefits of supporting growing companies through credit and ensuring investors are able to participate to make their portfolio more robust.”
Follow Startup Story
Related Posts
