Jar raises $22.6 million in Series B funding

19 Aug 2022 , 09:34 AM

Savings app Jar has secured $22.6 million in its Series B round, which was led by current investor Tiger Global.

The fundraising round has resulted in a $300 million valuation for the business.

The fundraising also included participation from current investors Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital, and WEH Ventures.

The capital raising round also saw the participation of a new group of funds, including 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, and Prophetic Ventures.

The New York-based investment firm Tiger Global led a $32 million fundraising round in February for the Bengaluru-based start-up, which was then valued at about $200 million.

Nishchay AG and Misbah Ashraf started Jar last year. With the additional money, Jar intends to increase its employees and improve its technological foundation.

In June 2021, Jar introduced its gold-based savings product.

It now intends to provide a wider range of investment products, including financing, insurance, and mutual funds.

Currently, Jar intends to act as a credit distributor, with its non-banking finance company (NBFC) partners handling the final loan underwriting and delivery. But going forward, it will consider submitting an NBFC license application.

The business claims that there are currently 230,000 transactions each day on average. According to Nishchay, this represents an increase of more than three times over the last investment round.

According to the business, 10 million users have currently registered.