The round, led by Accel and Harmony Partner, also saw participation from Capital A and a bunch of angel investors
The startup plans to utilise the fresh funds to build its teams across tech, investment, and customer care
In the next 24 months, it also aims to reach more than 300,000 users, enable INR 10,000 Cr of investment
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Fintech startup Jiraaf has raised $8.7 Mn in its Series B funding round led by Accel and Harmony Partners.
The round also saw participation from domestic early-stage fund Capital A and a bunch of angel investors.
The startup plans to utilise the fresh funds to build its teams across tech, investment, and customer care. In the next 24 months, it aims to reach more than 300,000 users, enabling INR 10,000 Cr of investment.
Jiraaf cofounder Vineet Agrawal said that the Bengaluru-based startup also aims to widen its offerings, enabling better diversification and choices for its customers.
Founded in September 2021 by Saurav Ghosh and Vineet Agrawal, Jiraaf offers individual investors access to an array of curated fixed-income products and a mix of asset classes, risk profiles, yields, and tenors for wealth creation.
The startup offers corporate debt (rated and unrated), invoice discounting, real estate-linked debt, leasing and venture debt/revenue-based financing.
The founder duo told Inc42 earlier that the platform targets savvy investors who already invest in traditional investment tools, have surplus savings every month and are looking to diversify their portfolio further.
The startup also works with companies that need debt for working capital.
Jiraaf claims to have onboarded more than 125,000 registered users. It has originated over INR 2,300 Cr worth of investments to date and repaid INR 1,500 Cr of capital to customers with zero defaults to date.
Last June, Jiraaf raised $7.5 Mn through equity financing in a Series A funding round led by Accel Partners, Mankekar Family Office, and Dr Bhaskar Shah from Aspire Family Office.
The share of Indian retail investors in listed equities grew from 36% in FY17 to 41% in FY22, states a market report published by Zinnov, a global management consulting & strategy advisory firm, in December 2022.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.