Jar raises $22.6 million as part of Series B funding led by Tiger Global
Investment platform Jar has raised $22.6 million in the Series B funding round. The funding was led by Tiger Global Management. Existing investors including Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures, also participated in the funding round. Post the funding, the startup is valued at $300 million.
The latest funding round saw new investors including 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, and Prophetic Ventures among others.
Alex Cook, Partner at Tiger Global said, "By starting with digital gold, a well-understood and well-loved asset class in India, Jar’s savings app has quickly gained trust and traction with young earners interested in developing a saving and investment strategy. We are impressed with the company’s rapid growth and are excited to double down as they expand into new asset classes."
The funding comes at a time when many start-ups are facing 'funding blues' in the current climate. Founded in 2022 by Nishchay AG and Misbah Ashraf, the platform's ethos is to provide a comprehensive one-stop shop to consumers and financial planners.
"We are seeing a 20 per cent average growth in users’ savings from month to month and are excited to see them evolving into committed and confident investors. We will continue to expand our service offerings to suit them and help them achieve their goal of financial independence,” said Nishchay AG, chief executive officer and Co-founder of Jar.
The Bengaluru-based company launched its mobile application in June last year and claimed to have already onboarded over nine million users. The platform saves a small amount every time a user makes a payment. The application has the access to look at users' transaction history and so it automatically rounds up users' daily spending and puts some money aside, which it invests in digital gold.
The platform currently clocks an average of 220,000 transactions a day, Jar claimed. It also said that it will be expanding to other investment avenues like mutual funds.