Bengaluru, Oct 12

Fintech start-up Jiraaf (owned by AI Growth) has raised $8.7 million in equity as part of a Series B funding round. The round was co-led by Accel and Harmony Partners and also saw participation from Capital A and other angel investors, said the company. It aims to build and support an investor portfolio with alternative fixed-income products.

According to the RBI, ₹180 trillion is currently kept in fixed deposits, current accounts, and savings accounts. Growth in demat account holders (124 million currently) over the last five years shows increasing penetration of other financial investment products. Founded in September 2021, the platform curates andoffers fixed-income investment opportunities through a customer-friendly digital platform.

“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. The fund infusion will support our commitment towards bringing high-quality fixed-income instruments in a transparent and convenient manner,” said Saurav Ghosh, co-founder, Jiraaf.

Further, the platform offers diverse products, including Treasury bills, corporate bonds, asset leasing, and venture debt, which allow for an investment or to build a portfolio with a 7 per cent to 18 per cent yield and a tenure ranging from 30 days to 3 years.

As of now, it has more than 125,000 registered users. It has originated over ₹ 2,300 crore worth of investments to date, and successfully repaid ₹1,500 crore of capital back to customers with zero defaults to date.

“Cumulative household savings in India are at Rs. 13.75 lakh crore, with immense potential for allocation to credible fixed income products. Fintech is transforming the investment landscape by making alternative fixed income accessible through a simple and transparent platform,” said Barath Shankar Subramanian, Partner at Accel.

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