Jiraaf, a platform for new age high-yield fixed income investment opportunities has raised $7.5 million in a Series A round led by Accel Partners, Mankekar Family Office, Aspire Family Office (Dr. Bhaskar Shah) and other angel investors.
This round also saw participation from multiple angel investors including Capital A, the Founders of PharmEasy, Ramakant Sharma (Co-founder Livspace), Founders of Zetwerk, Anuj Jhaveri (Director at Barclays, Hong Kong) and Shantanu Garg (Managing Director & Partner, BCG).
Founded in September 2021 by finance professionals Saurav Ghosh and Vineet Agrawal, Jiraaf offers high yield non-market linked investment opportunities with yields in the range of 8 percent - 20 percent and tenors between 30 days to 3 years.
Remarking on the journey, Saurav Ghosh, Co-Founder, Jiraaf said, “We curate exclusive alternate fixed income products and through rigorous risk assessment and diligence ensure that the investors have access to high quality opportunities. Our vision is to build a convenient and credible platform for everything fixed income for investors.”
Sharing his thoughts, Barath Shankar Subramanian, Partner at Accel Partners, said, “There is a very strong demand for alternate fixed-income products among retail investors. India has nearly $2 trillion invested in fixed deposits and mutual fund industry is sized at $0.5 trillion which saw a 3x growth in last 5 years. Jiraaf is addressing a large market gap by offering diversified fixed income products which can form a meaningful part of every investor’s portfolio over the next decade especially in the current and forecasted macro-economic scenario.”
Speaking about this Vineet Agrawal, Co-founder, Jiraaf, said, “Over the last 8 months, we have originated opportunities over Rs 250 crore and have more than 10,000 registered investors. The funds raised in this round are going to be used to further build our team for sourcing high-quality opportunities, robust credit assessment and strengthen our customer service. We are looking to achieve transaction volume of INR 1,000 crore by this year end and an investor base of 100,000.”