Bangalore (Karnataka) [India], August 23: Fintech startup Jar, which runs a savings and investments platform, has raised $22.6 million as a part of its Series B funding round led by Tiger Global, at a valuation of $300 million.
“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,” Alex Cook, partner at Tiger Global, said. “We are impressed with the company’s rapid growth.”
Jar’s other existing investors including Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures, also participated in this round. The clutch of new investors injecting money into the company include: 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures, Yes VC, Adam Nash (Founder of WealthFront and Board Member of Acorns) and Zachary Hargreaves (an investor in Founders Fund as well as Chief Technology Officer and Co-Founder of Vires Aeronautics).
“Because our users deeply align with every aspect of our platform based on existing behavior patterns, we have been privileged to witness early and agile adoption. We are seeing a 20% 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,” says Nishchay AG, CEO and Co-Founder of Jar.
Founded in May 2021 by Misbah Ashraf and Nishchay AG, Jar’s vision is to inculcate the habit of savings and investments among Indians, thereby helping them achieve financial independence and create wider societal financial inclusion.
Jar launched its first gold-backed savings product in June 2021. The company currently serves over 9 million customers and clocks an average of 220,000 daily transactions.
Jar identifies with a large addressable market in which its user-focused approach has already demonstrated evidence of lasting behavioral change and widespread adoption. The company’s operational frameworks bolster this success through meticulously designed governance and due diligence that uphold customer loyalty and sustainable growth.
Rahul Chandra, Managing Director of Arkam Ventures, said of the funding: “Jar’s growth story would be incomplete without the mention of the guard rails that have preemptively been put in place to make growth a controllable output versus it an incomprehensible vector. The company has an equal measure of thoughtful execution as well as a high standard of transparency where stakeholders ranging from employees, partners, and investors are fully aware of key initiatives and priorities. We are sure this approach is helping create a sustainable company with a predictable growth trajectory.”
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Vaishnavi Prakash
