Fintech platform Jar has raised $22.6 million in its series B funding round from existing investor Tiger Global.
The round also saw participation from other existing investors like Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures, as well as new investors such as 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures and others .
The company plans to use the funds to expand its workforce and continue to build a comprehensive, one-stop savings financial platform.
The Bengaluru-based Jar was founded in 2021 by Nishchay AG and Misbah Ashraf, Its app to come up with an innovative solution to save money every day and invest in digital gold automatically for the best gold rate.
Through this platform, investment in digital gold is backed by an equal amount of physical gold and users can choose to withdraw that much gold or liquidate their investment at any time.
“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 AG, Co-founder & CEO of Jar.
The startup claims it currently sees an average of 220,000 transactions a day, and will expand into other investment avenues such as mutual funds.
“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.
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In February 2022, Jar had raised $32 million in its Series A funding round from US-based hedge fund Tiger Global Management.
Jar is a daily gold savings app that lets save money by taking spare change from online transactions and investing it in digital gold automatically.
Jar is the first Made in India app to come up with an innovative solution to save money daily and invest automatically in digital gold for the best gold rate
Easy, Simple and the fastest way to Save Money and Invest With Jar, users can save money and grow wealth with 24K gold. Buy & sell digital gold, at the best gold rate, starting at just ₹1.
Jar helps to create a habit of daily savings by auto investing small amounts as investments in Digital gold, which can be redeemed or withdrawn whenever they want to their Phonepe, Paytm or Google Pay account.