Accel-backed fixed income platform Jiraaf has raised $8.7 million in a series B funding. The round of funding was co-led by Accel and US-based Harmony Partners. Capital A and other angel investors also participated.
Founded in September 2021 by Sourav Ghosh and Vineet Agrawal, Bangalore-based Jiraaf curates and offers fixed-income investment opportunities. Their current offering includes unlisted corporate debt, invoice discounting, real-estate linked debt, asset-backed leasing and venture debt/revenue-based financing.
The company said it has originated Rs 2,300 crore of investments with an average portfolio yield of 12.5 per cent. It has set its sights on Rs 10,000 crore worth of investment in the next 24 months. Currently, it has more than 125,000 registered users.
“We look forward to using the funding to expand our teams across tech, investment and customer care. In the next 24 months, our aim is to reach more than 300,000 users and enable Rs 10,000 crore of investment,” said Vineet Agrawal, co-founder at Jiraaf.
“We are fortunate to have customers building their credit portfolio on Jiraaf by transacting more than 10 times in the first 6 months and expanding their portfolio,” said Saurav Ghosh, co-founder at Jiraaf.
