Accel co-leads $8.7m round of Indian fixed-income platform

Photo credit: Jiraaf

India is seeing a rise in investment tech startups. But for many investors in the country, fixed deposits remain the top choice. According to the Reserve Bank of India, about US$2.6 trillion is held in fixed deposits, current accounts, and savings accounts.

Jiraaf is one company targeting fixed-income investors. It recently secured US$8.7 million in a series B funding round co-led by Accel and Harmony Partners.

The startup plans to use the funds to expand its technology, investment, and customer care teams.

Funding details

• Funding amount: $8,700,000
• Lead investors: Accel Global Investment, Harmony Partners
• Other investor: Capital A
• Stage: Series B
• Source

Founded in 2021 by investment professionals Saurav Ghosh and Vineet Agrawal, Jiraaf specializes in products like Treasury bills, corporate bonds, and asset leasing. It has originated over US$276.5 million in investments for more than 125,000 users.

The company has partnered with over 50 borrowers, including CaratLane, Home Credit, and Edelweiss.

Agrawal said in a statement that Jiraaf plans to reach more than 300,000 users in the next 24 months.

See also: India’s new breed of investment tech startups gains steam, but challenges persist

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