Jiraaf Raises $7.5 million In Series A Round Led By Accel Partners
Funds will be utilized to further build the team for sourcing high-quality opportunities, robust credit assessment and strengthen customer service
Jiraaf on Wenesday announced to have raised $7.5 million in a Series A round led by Accel Partners, Mankekar Family Office, Aspire Family Office and other angel investors. This round also saw participation from multiple angel investors including Capital A, the founders of PharmEasy, Ramakant Sharma, founders of Zetwerk, Anuj Jhaveri and Shantanu Garg. Funds will be utilized to further build the team for sourcing high-quality opportunities, robust credit assessment and strengthen customer service.
"Over the last 8 months, we have originated opportunities over INR 250 crore and have more than 10,000 registered investors. We are looking to achieve transaction volume of INR 1,000 crore by this year end and an investor base of 100,000," said Vineet Agrawal, co-founder, Jiraaf.
"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 three times growth in last five 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," said Barath Shankar Subramanian, partner, Accel Partners.
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 per cent to 20 per cent and tenors between 30 days to 3 years. Jiraaf aims to help individual investors earn better returns by participating in high-quality opportunities that go beyond equities, fixed deposits, real estate, and gold.