Jiraaf, a start-up offering fixed-income investments, has raised $8.7 million in a series B round of funding from investors. Current investors Accel and Harmony Partners took the lead in the funding round. Other participants included a number of angel investors as well as the domestic early-stage seed firm Capital A.

Approximately $16 million has been raised by Jiraaf since its launch in September 2021."We will use this money primarily to build our team, improve customer service across categories of business, and also to originate more customers", Co-Founder Saurav Ghosh said. The business chose to cap its series B financing at less than $9 million in light of the difficult funding environment.

Jiraaf manages a platform that enables retail investors to purchase corporate debt issuances and earn yields of about 12.5% on average. Investors who have already made investments in conventional options such as fixed deposits, mutual funds, and the stock market can use Jiraaf to buy corporate bonds to establish a different investment pool. Only investors with the means to make higher investments can partake in these ventures because the typical ticket size is about Rs 1 lakh.

Jiraaf offers debts from a broad range of clients, including established businesses like Edelweiss, Jindal Power, Zuari International, and Zetwerk, as well as Caratlane, Bizongo, and Zetwerk. The market authority has already received our application for a licence as an online bond platform provider, and we anticipate receiving it soon, according to Ghosh. Every online platform for issuing bonds must have a licence from the regulator, according to Sebi regulations.

With over 1.5 lakh registered customers, including some active investors, the startup has already invested almost Rs 2,400 crore on the site. It plans to invest Rs 10,000 crore in the coming two years. Its monthly disbursal run rate is currently 200 crore rupees, but it hopes to increase to 500 crore in the upcoming 12 months.