altGraaf Referral Code

altGraaf pays ₹1,500 a referral and calls it unlimited. Before you value that, there is a structural fact worth more than the number: the platform is not SEBI-registered, and the same founders run a second platform that is.

altGraaf is an alternative fixed-income platform. It offers unlisted corporate NCDs, commercial paper, venture debt, asset-backed leasing and invoice discounting, typically over 30 to 90 day tenures at advertised annualised returns in the region of 10% to 14%. Its referral programme pays ₹1,500 per referral and is advertised as unlimited.

The fact that should govern how you read all of that is regulatory. altGraaf is not registered with SEBI. Products sold through an unregistered platform do not carry the regulator's scrutiny, and there is no investor-protection framework sitting behind them.

What makes this genuinely instructive rather than merely cautionary is what sits next to it. altGraaf and Jiraaf are both distribution platforms under the same parent, Ai Growth Pvt Ltd, run by the same founders. Jiraaf is a SEBI-regulated Online Bond Platform Provider. altGraaf is not. One group, two platforms, one inside the regulatory perimeter and one outside it.

That is not an accident of paperwork; it follows from what each sells. SEBI's OBPP framework restricts a registered platform to listed debt securities, along with government securities, treasury bills, listed sovereign gold bonds, listed municipal debt and listed securitised debt. It also imposes requirements on KYC, disclosure, order handling, grievance redressal, risk management and advertising, and requires integration with the RFQ platform. The instruments altGraaf specialises in — unlisted NCDs, invoice discounting, venture debt — are exactly the categories an OBPP is not permitted to offer. A platform selling them cannot be an OBPP. The absence of registration is a consequence of the product range, not an oversight.

Now put the referral back in the picture. altGraaf pays ₹1,500 per referral, uncapped. IndiaBonds, a SEBI-registered debt-segment broker and licensed OBPP bound by SEBI's advertising rules, advertises around ₹1,000. The larger customer-acquisition payment sits on the unregulated side. That relationship is worth internalising well beyond these two companies: where a regulator constrains what can be claimed and how customers may be solicited, acquisition budgets tend to be smaller and quieter. An unusually large referral fee is information about how expensive it is to acquire that customer, which is in turn information about the product.

On the products themselves, the risks are the ordinary risks of private credit and should be named plainly. Credit risk: the borrower may not repay, and there is no exchange or clearing house standing between you and that. Liquidity risk: these are held-to-maturity instruments and you generally cannot exit early, so a 60-day tenure means your money is committed for 60 days regardless of what you need. Fraud risk: invoice discounting depends on the underlying invoices being genuine, and wilful default or document fraud is a documented failure mode in this asset class globally.

None of that makes the returns unavailable or the platform dishonest. It means the 10–14% is compensation for risks a regulated bond platform's products do not carry, and that the compensation is the point rather than a bonus. If you would not lend directly to an unrated private company for 60 days with no exit, the platform wrapper does not change what you are doing.

If you want the same founders inside the perimeter, Jiraaf exists.