AI Growth Pvt. Ltd., the force behind the groundbreaking fixed-income investment platform Jiraaf, announced an impressive $8.7 million (₹72.3 crore) Series B fundraising effort. Newcomer Harmony Ventures and veteran supporter Accel took the reins in this latest investment drive.
The funding round, announced last Thursday, wasn’t solely dominated by these giants. Early-stage venture capitalist firm Capital A joined the fray, alongside several undisclosed angel investors, demonstrating broad support for Jiraaf’s vision.
This financial injection is timed perfectly for Jiraaf’s aggressive expansion plans. With the goal of broadening their talent pool, they’re eager to harness fresh expertise to innovate their product suite further. Additionally, the capital will fuel their ambition of reaching a 300,000-strong user base and catalyzing investments exceeding ₹10,000 crore.
Founded in 2021 by visionaries Saurav Ghosh and Vineet Agrawal, Jiraaf has quickly carved a niche in the investment space. Their digital platform, specializing in fixed-income investment opportunities, offers an array of products. Investors have access to treasury bills, corporate bonds, asset leasing, and venture debt, allowing portfolio diversification with yields ranging from 7% to 18% over tenures from a month to three years.
Having already garnered a loyal following of 125,000 registered users, the platform’s influence is palpable. “This recent fund infusion stands testament to our commitment to present top-tier fixed-income instruments transparently and conveniently,” Ghosh remarked.
Before this financial milestone, Jiraaf’s Series A round had also turned heads, raising $7.5 million. This round attracted heavyweight backers, including Accel and the founders of PharmEasy.
Jiraaf’s collaborative efforts further spotlight its industry prominence, partnering with nearly 50 esteemed borrowers like Caratlane and Everest Fleet.
Accel, with a portfolio boasting 200 investments and 22 unicorns, recently championed the seed funding of Aaritya Tech and participated in Captain Fresh’s $20 million Series C round, underscoring their investment prowess in the region.
