The round was led by Tiger Global along with participation from Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures
Including the current fundraising, Jar has raised $59.1 Mn in aggregate to date
Earlier this year, Jar secured Series A funding led by Tiger Global along with Rocketship.vc, Third Prime, Stonks, Force Ventures, Arkam Ventures and WEH
Investment tech startup Jar has secured $22.6 Mn in its Series B funding round at a post-money valuation of $300 Mn.
The round was led by Tiger Global along with participation from Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures.
New investors–1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures, Yes VC, Adam Nash from WealthFront and Zachary Hargreaves from Vires Aeronautics also participated in the round.
Jar will use funds to develop its platform and expand workforce.
“By starting with digital gold, Jar’s savings app has gained trust and traction from young earners that are interested in developing an investment strategy. We are impressed with the company’s rapid growth and are excited to double down as they expand into new asset classes,” said Alex Cook, partner at Tiger Global.
Including the current fundraising, Jar has raised $59.1 Mn in aggregate to date.
The recent development comes after Jar secured $32 Mn in its Series A funding round in February this year.
Founded in January 2021 by Nischay AG and Misbah Ashraf, Jar is a digital gold-saving investment platform. It operates a mobile-based app that allows users to make investments as small as INR 1. Its app works along with the digital payment app Paytm to enable recurring payments.
Further, Jar allows users to make daily investments ranging from INR 1 to INR 500. It further permits users to invest round-up amounts from their daily spending. Later on, these gold investments can also be withdrawn or liquidated.
“We are seeing a 20% average growth in users’ savings from MoM 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,” Nishchay AG said.
Jar claims to record an average of 220,000 transactions on a regular basis. It also claims to have offered services to over 9 Mn users to date.
Earlier this year, Jar secured Series A funding led by Tiger Global along with Rocketship.vc, Third Prime, Stonks, Force Ventures, Arkam Ventures and WEH. Post this round, the fintech startup was pegged at $200 Mn.
Prior to the Series A round, Jar bagged $4.5 Mn in its Pre-Series A funding round from investors–Tribe Capital, Arkam Ventures, WEH Ventures, Kunal Shah from CRED, Shaan Puri from Twitch, Manik Gupta from UBER and Ali Moiz from Streamlabs.
In India’s investment tech segment, it faces competition from the likes of Groww, Zerodha, Paytm Money, Upstox and ETMONEY.
According to a report, the country’s investment tech market, which was estimated at $20 Bn in 20201, is likely to touch over $60 Bn mark by the financial year 2025.
