FinTech: Indian Savings App Jar Lands $22.6M Series B At A $300M Valuation
The round was led by existing investor Tiger Global.
Jar, an Indian fintech app that wants to “reintroduce this generation to the concept of piggy banks by helping them save in digital gold,” has raised $22.6 million in its Series B round, led by existing investor Tiger Global. Existing investors Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures also participated in the funding. New investors included 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures and others. (Economic Times)
The micro-saving startup has been valued at $300 million following the Series B funding round.
The latest raise follows a previous funding in February that amounted $32 million and was similarly led by Tiger Global. That round valued Jar at $200 million.
Engineers Misbah Ashraf and Nishchay AG founded Jar in January 2021. In June 2021 they launched its gold-saving product.
Jar: Solid growth
The company is seeing 20% average growth in users’ savings with over 9 million customer investing in the single asset of a gold-backed saving product with 220,000 daily transactions.
“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,” said Alex Cook, partner at Tiger Global.
Use of funds
Jar plans to use the latest funding expand its workforce and strengthen its technology stack.
“We are growing the team now across product, marketing and finance. With the funding we will look at offering newer investment options across mutual funds, index funds, fixed deposits and will even foray into lending as well as provide peer-to-peer (P2P) lending as an investment option,” Nishchay told ET. “You have to give loans, which forms a crucial part of financial services.”
The fintech is likely to add 50 more people to its 85-strong team.
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