Other existing investors like Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures have also participated in the round besides a new set of funds like 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures and others also joining the latest fund-raise.
The Bengaluru-based startup had raised $32 million led by Tiger Global in February after which it was valued at around $200 million.
Jar plans to use the new funding to expand its workforce and strengthen its tech stack. Founded by Nischay AG and Misbah Ashraf last year, Jar launched its gold-based savings product in June last year. Now, it plans to offer more investment products across mutual funds, insurance and lending.
According to the company, it currently clocks an average of 220,000 transactions a day.
We are seeing a 20% average monthly growth in users’ savings and are excited to witness how they are 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, who is also the chief executive at the little over one-year-old startup.
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“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.
ET reported about Cook’s recent visit to Bengaluru where he said the New York-based fund will continue to back best-performing companies and also look to do more seed and early-stage deals here.
