According to media reports, Bengaluru-based fixed income investment startup Jiraaf has secured around USD 8.7 million in its series B round of funding. The round was led by existing investor Accel and Harmony Partners. The round also saw participation from domestic early-stage seed fund Capital A and a bunch of angel investors. To date, the company has received around USD 16 million in funding.
Jiraaf on its platform allows retail investors to buy corporate debt issuances and generate average yields of around 12.5 per cent. An individual investors can who have already invested in traditional opportunities like fixed deposits, mutual funds and stock markets can use the platform to create an alternate investment pool by buying corporate bonds.
Jiraaf offers investments in various companies like Caratlane, Bizongo, Zetwerk, Edelweiss, Jindal Power, Zuari International, and more. The company require investors to have the capability to invest larger amounts, with an average ticket size of around Rs 1 lakh.
Sebi has mandated that all bond issuing platforms must be licensed by the regulator. Jiraaf has already deployed about Rs 2,400 crore of capital through the platform and has around 1.5 lakh registered users. Their goal is to deploy Rs 10,000 crore of capital over the next two years. Currently, they are disbursing Rs 200 crore per month and aim to increase it to Rs 500 crore within a year.
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