Jiraaf review

Is Jiraaf safe?

Jiraaf Platform Pvt Ltd is a SEBI registered stock broker (INZ000315538) enabled as an online bond platform on NSE since 12th Dec 2023 and on BSE since 16th Dec 2025, and no SEBI or exchange penalty against it was found as of 17th Oct 2026. Check it on the registry. Registration covers the platform, not the issuers (are bond platforms safe).

The group history needs a date beside it. Jiraaf's App Store app is sold by AI Growth Pvt Ltd, which owns altGraaf, a platform founded by the same two founders. On 18th Nov 2024 SEBI passed an interim ex parte order (WTM/AB/DDHS/DDHS-SEC-1/30990/2024-25) against altGraaf, Tap Invest and Stable Investments for selling privately placed unlisted NCDs to the public, directing them to cease and desist. Per SEBI, as reported by Inc42, altGraaf had raised over ₹4,400 cr for about 75 companies from about 1.86 lakh investors. Jiraaf Platform itself was not a noticee. We found no confirmatory or final order, and SEBI's press release of 19th Nov 2025 still described the action as an interim order.

We found no bond defaults on Jiraaf, though deal-level outcomes were not researched in full. From about 21st Nov 2026 SEBI's Credit Risk-o-Meter will show the lowest available rating on every listing.

What do you actually pay on Jiraaf?

Nothing in fees today: Jiraaf's FAQ says it charges investors no service or platform fee at this point, though its T&C reserve the right to charge a separate service fee above a stipulated threshold. What you pay is set in the price. Its Invest More, Earn More feature raises the YTM with quantity, for example 12.00% for 1 unit, 12.25% for 2 and 12.50% for 5 or more, which shows Jiraaf sets the sale price; any margin inside it is not disclosed.

The same ISIN can show a different yield elsewhere (same bond, different yield). Jiraaf reported about ₹19 cr of operating income and about ₹24 cr of net loss in FY25 (Venture Intelligence).

Can you sell Jiraaf bonds before maturity?

Not through Jiraaf. Its FAQ says Jiraaf "does not facilitate the liquidation on its platform" after purchase, and that you can sell separately if you find a buyer in the market. Because the bonds sit in your own demat, you can try to sell them through your broker on the exchange. See can I sell a bond before maturity and platforms for selling before maturity.

Where do your bonds sit?

In your own demat at any depository participant; Jiraaf's FAQ names Zerodha and Groww among them, and it does not open a separate demat for you. Settlement is T+1 for orders placed between 00:00 and 15:30 and T+2 for after-market orders placed between 15:45 and 23:59, with payment by UPI or net banking. KYC needs PAN, Aadhaar, a bank account and demat details, and is verified in two steps, by Jiraaf and then NSE, taking up to 24 hours. See platforms that use your existing demat.

What kind of bonds does it sell?

Listed corporate bonds, government securities, securitised debt instruments (SDIs) and T-bills, with product pages for SGBs, G-secs and SDLs, and FDs. The SDIs are NCD or PTC structures over loan, invoice or leasing receivables, 12 to 36 months long, advertised at an IRR of 8% to 15%. Corporate bonds are shown at 8% to 14%, rated by ICRA, CRISIL, CARE and India Ratings; the lowest grade on offer is not disclosed.

FD partners on 17th Oct 2026 were Suryoday SFB, Shriram Finance, Shivalik SFB, Utkarsh SFB, Bajaj Finance, DCB Bank, AU SFB and South Indian Bank. The minimum is about ₹1,000, varying by product (minimum investment). Only Indian citizens can invest: no NRIs and no minors (can NRIs buy bonds).

Who runs Jiraaf?

Jiraaf was founded in 2021 by Saurav Ghosh and Vineet Agrawal; its whole-time directors are Prakash Chandra Mishra and Azhar Abdul Pathan. It raised a $7.5m Series A led by Accel in 2022, an $8.7m Series B led by Harmony Ventures and Accel in Oct 2023, and an extended Series B of about ₹44 cr on 19th Mar 2026, whose investor list differs between sources (Ascendants names Accel, Harmony and Hindustan Media Ventures; Venture Intelligence names Aspire Financial, Accel and HMVL). Older claims of 1.25 lakh+ users and ₹2,300 cr+ originated are undated and may include altGraaf (self-reported via an aggregator, unverified). Support runs by phone and email, 9am to 6pm on trading days.