Jiraaf Review
An independent, sourced look at Jiraaf for Indian retail bond investors — registration, what it really costs, payout track record and the risks the platform doesn’t lead with.
Jiraaf is a genuinely SEBI-registered OBPP (INZ000315538) offering one of the widest fixed-income shelves among Indian bond apps — listed corporate bonds, G-secs, T-bills, SDLs, SGBs and SDIs from as little as ₹1,000 — with per-deal risk notes and a strong research layer. The single biggest caveat is corporate, not operational: its parent, AI Growth Pvt Ltd, together with altGraaf's operator Texterity Pvt Ltd, was named in SEBI's 18 November 2024 interim ex-parte cease-and-desist order over unlisted NCDs sold through the sibling platform altGraaf — an overhang that sits above, not inside, Jiraaf's regulated OBPP (that order does not name Jiraaf Platform Pvt Ltd). It suits yield-seeking investors who understand sub-AAA credit risk, will compare the final YTM on each bond (Jiraaf charges no service fee but earns a spread embedded in the bond price, not itemized per trade), and can hold to maturity; it is not for those who want a spotless-parent track record or easy early exit.
What you actually pay
Jiraaf charges investors no explicit brokerage, platform or "service" fee — its FAQ states it does not levy a service or platform fee "at this point." As with almost every OBPP, the cost is instead a spread embedded in the bond's price: Jiraaf sources paper and resells it at a marginally lower yield, so what you earn is net of a margin that is not itemized per trade. Independent reviewers make the same point — Holistic Investment warns that "platforms like Jiraaf earn through mark-ups, not transparent fees; always double-check the final yield." There is no published rate card and the per-bond spread amount is not disclosed, so the only reliable way to compare Jiraaf against a rival (or against buying a G-sec directly) is to compare the final quoted YTM on the same ISIN.
High-yield fixed deposits are distributed for a commission from the issuing bank/NBFC, and government securities and T-bills carry minimal/negligible Jiraaf-side markup (broadly the auction/exchange price, though zero markup is not independently confirmed) — but for the corporate bonds and SDIs that are its headline products, assume an unquantified spread. Treat the marketing numbers with the same caution: the widely cited "₹1,000 crore facilitated," "93% repeat investors" and "₹550 crore repaid with zero defaults or delays" figures are Jiraaf's own, self-reported in a January 2023 press release describing its earlier, pre-OBPP alternative-investment book (invoice discounting, lease finance and unlisted NCDs at a ₹1-lakh minimum, 8–20% yields) — not the current SEBI-registered listed-bond OBPP. That "zero defaults or delays" claim is dated January 2023 and pre-dates the late-2023 Arzooo default on the sibling altGraaf platform; the live OBPP catalogue is far smaller (around 21 bonds per a mid-2026 secondary review).
What it offers
Jiraaf runs one of the widest "horizontal" fixed-income shelves among Indian bond apps: SEBI-listed corporate bonds (its core high-yield product, roughly BBB- to AAA), government securities, 91/182/364-day treasury bills, state development loans, secondary-market sovereign gold bonds, securitised debt instruments (SDIs/PTCs) and distributed high-yield fixed deposits (~8.5–9.1% p.a. depending on issuer/tenure — Jiraaf's live FD page tops out at 8.50% p.a. from Shivalik Small Finance Bank as of 2026-07-09; rates change). The app markets corporate bonds at "10–14% p.a.," but that headline is not a ceiling — Jiraaf's own FAQ describes listed corporate bonds "typically yielding between 8% and 18%," so some listed bonds/SDIs are quoted above 14%, with the higher end tied to higher credit risk. Trades settle through exchange RFQ with securities delivered to the investor's own demat in 1–2 business days, and an After-Market-Order feature lets you place orders 24/7 for the next session. The catalogue is curated and comparatively small (about 21 live bonds per a mid-2026 review), with per-bond deal memos and risk notes plus free bond-research tools. One scope boundary matters: unlisted NCDs, invoice-discounting and other unregistered "alternative" products are NOT on Jiraaf — those sit on the sibling brand altGraaf, run by the same parent, AI Growth Pvt Ltd (operated by Texterity Pvt Ltd).
Returns: advertised vs reality
Advertised: App branding of "10–14% p.a. fixed returns"; the higher end (and some SDIs) can be quoted above 14%, since Jiraaf's FAQ frames listed corporate bonds as "typically yielding between 8% and 18%," with higher yields tied to higher credit risk. Distributed FDs run ~8.5–9.1% p.a. depending on issuer/tenure (the live FD page tops out at 8.50% p.a. from Shivalik Small Finance Bank as of 2026-07-09; the ~9.1% figure comes from an earlier/secondary source and rates change). (The earlier pre-OBPP alternative book advertised 8–20% over 30 days to 3 years.)
The reality: Advertised yields are pre-tax YTM assuming you hold to maturity. Because the quoted YTM is calculated on the marked-up price you actually pay, it is already net of Jiraaf's embedded spread — hold to maturity and you receive roughly that displayed YTM, so the spread is not deducted a second time. What the undisclosed markup does is lower the yield you are shown versus buying the same bond directly; your realised net return then falls further mainly because of tax (bond interest is taxed at your slab rate), plus any early-exit haircut or default — not an additional post-YTM spread deduction. "Fixed" is not "guaranteed": the double-digit yields come from sub-AAA corporate/NBFC credit and SDIs, where a downgrade or default can impair principal, and there is little secondary liquidity to exit early. Government securities and T-bills yield materially less (~6–7%) but carry no credit risk and minimal/negligible markup.
Payout & default track record
On Jiraaf's own OBPP (listed) book, no confirmed default of a bond distributed by Jiraaf Platform Pvt Ltd surfaced in searches as of July 2026 — the platform lists only rated, exchange-listed paper and publishes per-deal risk notes (this is an absence of found evidence, not a guarantee). The material caveats are at group level. (1) The sibling platform altGraaf (same parent, AI Growth Pvt Ltd; operated by Texterity Pvt Ltd) suffered a real default: per specialist blogs and community forums (medium confidence, not corroborated in mainstream financial press), Arzooo raised roughly ₹19.5 crore through invoice-discounting deals on altGraaf in late 2023 and began defaulting within days, with only about 34% of the outstanding recovered and a criminal case (reported as no. 60693/2024) filed. This is an altGraaf (AI Growth) alternative-investment product, distinct from any bond sold through Jiraaf's SEBI-registered OBPP, but it is a real default within the same parent group. (2) Jiraaf's public bond directory hosts an information page for a BluSmart Mobility 12% NCD (ISIN INE0B7Y07118) that defaulted in 2025, but reporting attributes distribution of BluSmart's bonds to Yubi, Centricity and Klub — not Jiraaf — so the directory page is not evidence that Jiraaf sold it; treat this as unconfirmed. (3) The "₹550 crore repaid with zero defaults or delays" line is Jiraaf's own self-reported January-2023 claim about the earlier alternative-investment book, not the current OBPP — and it pre-dates the late-2023 Arzooo default.
Can you exit early?
Limited. Listed bonds bought on Jiraaf sit in your demat and can in principle be sold in the secondary market via exchange RFQ, but corporate-bond secondary liquidity in India is thin — there is no guaranteed buyback and finding a buyer at a fair price before maturity is not assured, so most retail investors should treat holdings as effectively hold-to-maturity. Government securities and T-bills are more liquid; SDIs and distributed FDs are locked to their tenure. Plan around the maturity date, not an early exit.
Pros & cons
- SEBI-registered OBPP (INZ000315538, primary-source verified); its registration month (~December 2023) and debt-segment member IDs for NSE (90355) and BSE (6835) are per secondary aggregators — trades settle via exchange RFQ into the investor's own demat, so money does not sit on Jiraaf's books
- One of the widest product shelves in the category: corporate bonds + G-secs + T-bills + SDLs + SGBs + SDIs + high-yield FDs in a single app, from a low ~₹1,000 minimum on select bonds
- No explicit service or platform fee (per FAQ), with per-bond deal memos/risk notes, a large bond directory and free bond-analysis tools — a genuinely strong research and content layer
- Institutionally backed (Accel across Series A and B, plus Harmony Partners; ~$16M raised) by founders with corporate-finance and fixed-income backgrounds
- After-Market-Order feature (24/7 order placement) and a dedicated relationship-manager support model rather than bots-only
- Governance overhang: parent AI Growth Pvt Ltd, with altGraaf's operator Texterity Pvt Ltd, was named in SEBI's 18 November 2024 interim ex-parte cease-and-desist order over unlisted NCDs sold without registration through the sibling altGraaf platform — a group-level regulatory issue (the order does not name Jiraaf Platform Pvt Ltd) that clean-record rivals do not carry
- The group's alternative arm (altGraaf) has a live default (Arzooo, only ~34% recovered per medium-confidence specialist blogs) — real reputational and governance risk sits one entity away from the brand you invest through
- Cost is not itemized: "no service fee," but a spread embedded in the bond price and no published rate card, so the true cost of a bond is hard to compare against rivals or against buying directly
- Headline 10–14% (and, per the FAQ, up to ~18%) yields are sub-AAA corporate/NBFC and SDI credit risk, not guaranteed returns — a downgrade or default can impair principal
- Small, young live catalogue (~21 bonds in mid-2026) and thin secondary-market liquidity make it hard to exit before maturity
- Brand confusion between Jiraaf (regulated OBPP, listed products) and altGraaf (unregistered alternatives, unlisted NCDs) under one parent can mislead newer investors about what is and isn't SEBI-regulated
Regulatory & material events
On 18 November 2024 SEBI passed an interim ex-parte cease-and-desist order directing AI Growth Pvt Ltd (owner of altGraaf) and Texterity Pvt Ltd (altGraaf's operator) — along with Purple Petal Invest (Tap Invest) and Berkelium Technologies (Stable Investments) — to stop offering unlisted NCDs for public subscription without OBPP registration. altGraaf had raised over ₹4,400 crore from around 186,000 investors across ~75 companies. The order names AI Growth (Jiraaf's parent) and Texterity, NOT Jiraaf Platform Pvt Ltd — the word "jiraaf" does not appear in the order — and it concerns altGraaf's unlisted-NCD business, separate from Jiraaf's registered listed-bond OBPP. It was an interim order with a 21-day response window; it is not a final order, ban or monetary penalty on Jiraaf, and no final order was located as of 2026-07-09.
Per specialist blogs and community forums (medium confidence, not corroborated in mainstream financial press), Arzooo, a B2B electronics retailer, raised roughly ₹19.5 crore via invoice-discounting deals on the sibling altGraaf platform in late 2023 and began defaulting within days of its last raise. Only about 34% of the outstanding was reportedly recovered, with most investors facing principal loss, and a criminal case (reported as no. 60693/2024) was filed. This is an altGraaf (AI Growth) alternative-investment product — distinct from any bond distributed through Jiraaf's SEBI-registered OBPP — but it is a real default within the same parent group. It post-dates Jiraaf's January-2023 "zero defaults or delays" claim about its earlier alternative book.
Common user complaints
Independent reviewers repeatedly note that Jiraaf earns through a price spread rather than a stated fee, so the yield you actually net can differ from the advertised number; the recurring advice is to verify the final YTM on each bond yourself before investing.
Reviewers and users flag that bonds bought on the platform can't be reliably sold before maturity because India's corporate-bond secondary market is thin, so capital is effectively locked until the payout date.
Investors report confusion that Jiraaf (regulated OBPP, listed products) and altGraaf (unregistered alternatives, unlisted NCDs) are the same group under AI Growth, and uncertainty over which products are SEBI-regulated.
Alternatives to consider
Sources
- https://www.sebi.gov.in/enforcement/orders/nov-2024/interim-ex-parte-order-in-the-matter-of-unregistered-online-bond-platforms_88552.html
- https://www.sebi.gov.in/sebi_data/attachdocs/nov-2024/1731934203234_1.pdf
- https://www.business-standard.com/markets/news/sebi-orders-altgraaf-and-two-other-platforms-to-cease-operations-124111801061_1.html
- https://www.moneylife.in/article/sebi-asks-altgraaf-tap-invest-and-stable-investments-to-stop-offering-unlisted-debentures-on-their-platforms/75656.html
- https://www.sebi.gov.in/online-bond-platform-providers.html
- https://obppindia.com/details-of-obpp-members/
- https://blog.thealtinvestor.in/company-profile-jiraaf-obpp-platform
- https://entrackr.com/2023/10/fixed-income-platform-jiraaf-raises-8-7-mn-in-series-b-round/
- https://yourstory.com/2022/06/funding-alert-jiraaf-investment-platform-series-a-accel-partners
- https://cxotoday.com/press-release/jiraaf-crosses-inr-1000-crore-in-investments/
- https://www.varindia.com/news/jiraaf-crosses-inr-1000-crore-in-investments
- https://www.holisticinvestment.in/jiraaf-online-bond-platform-review/
- https://randomdimes.com/altgraaf-review
- https://inc42.com/buzz/blusmart-repays-inr-30-cr-after-defaulting-on-bonds/
- https://www.jiraaf.com/products/fixed-deposit
- https://www.jiraaf.com/faq
This review is for information only and is not investment advice. Bond investments carry credit and liquidity risk; verify current details on the platform and check the issuer’s credit rating before investing. Facts last verified July 2026.
Back to the bonds hubFrequently asked
What people ask about Jiraaf.
Jiraaf is a legitimate, SEBI-registered Online Bond Platform Provider (reg. INZ000315538), and bond trades settle through exchange RFQ into your own demat account, so the platform does not hold your securities. "Safe" is relative, though: the bonds themselves carry credit and liquidity risk (a downgrade or default can impair principal), and the parent group, AI Growth Pvt Ltd, has a governance overhang — it (with altGraaf's operator Texterity Pvt Ltd) was named in SEBI's 18 November 2024 interim ex-parte order over unlisted NCDs sold through the sibling platform altGraaf. That order does not name Jiraaf Platform Pvt Ltd. The OBPP itself is regulated; the risk lives in the bonds you pick and in the group's wider track record.
Yes. Jiraaf Platform Pvt Ltd holds SEBI stock-broker registration INZ000315538 (primary-source verified) and has operated as a SEBI-registered OBPP since around December 2023 (that registration month, and its debt-segment member IDs — NSE 90355, BSE 6835 — are per secondary aggregators rather than primary-verified), and it is listed with the OBPP Association of India. Note that this registration covers only Jiraaf's listed-bond business — the group's unlisted-NCD/alternative products run under altGraaf, which is not an OBPP and was the subject of SEBI's November 2024 cease-and-desist order.
They are separate brands under the same parent, AI Growth Pvt Ltd. Jiraaf is the SEBI-registered OBPP selling listed, exchange-settled products (corporate bonds, G-secs, T-bills, SDIs, SGBs, FDs). altGraaf is an unregistered platform (operated by Texterity Pvt Ltd) that sold unlisted NCDs and invoice-discounting deals — the platform SEBI ordered to cease and desist on 18 November 2024, and the one behind the Arzooo default. Investing through Jiraaf is not the same as investing through altGraaf, but they share a corporate parent.
Jiraaf does not charge an explicit brokerage or platform fee to investors (its FAQ says it levies no service or platform fee "at this point"). It earns primarily from a spread embedded in the bond's price — it sources paper and resells it at a slightly lower yield, so the cost is baked into what you earn rather than shown as a line item — plus distribution commissions on high-yield FDs. The spread is not itemized per bond, so compare the final quoted YTM on the same ISIN to gauge the real cost.
Not easily. Listed bonds are held in your demat and can in theory be sold via the exchange secondary market, but corporate-bond liquidity in India is thin and there is no guaranteed buyback, so most investors should assume they are holding to maturity. Government securities and T-bills are more liquid, while SDIs and distributed FDs are locked to their tenure. Only invest money you can leave until the bond's maturity date.
Select listed bonds start at around ₹1,000 (with a minimum tenure of roughly 7 months), which is among the lower entry points in the category. Other products — SDIs and some high-yield deals — require larger tickets, and the older alternative-investment book (now under altGraaf) used a ₹1-lakh minimum, so check the specific product before committing.