Jar raises $22.6 Mn in funding at a valuation of $300 million led by Tiger Global
Investment tech startup Jar has secured $22.6 Mn in its Series B funding round at a post-money valuation of $300 Mn with Tiger Global served as the round’s lead investor, with participation from WEH Ventures, Eximius Ventures, Arkam Ventures, Force Ventures, LetsVenture, and Rocketship Venture Capital.
With the current fundraising included, Jar has now raised a total of $59.1 million and Following Jar’s $32 million Series A investment round in February of this year, there has been a significant development.
Jar received $4.5 million in funding from Tribe Capital, Arkam Ventures, WEH Ventures, Kunal Shah from CRED, Shaan Puri from Twitch, Manik Gupta from UBER, and Ali Moiz from Streamlabs prior to the Series A round.
Adam Nash from WealthFront, Zachary Hargreaves from Vires Aeronautics, and new investors 1 Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures, and Yes VC also took part in the round.
Funds will be used by the company, jar to increase its employees and develop its platform.
Alex Cook, partner at Tiger Global said “By starting with digital gold, Jar’s savings app has gained trust and traction from young earners that are interested in developing an investment strategy. We are impressed with the company’s rapid growth and are excited to double down as they expand into new asset classes,”.
“We are seeing a 20% average growth in users’ savings from MoM 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,” Nishchay said.
The startup claims to record an average of 220,000 transactions on a regular basis. It also claims to have offered services to over 9 Mn users to date.
Nischay AG and Misbah Ashraf established Jar, a digital platform for gold investment, in January 2021. It runs a smartphone application that enables customers to make investments starting at little INR 1 and also allows users to make daily investments ranging from INR 1 to INR 500. To enable recurring payments, its app collaborates with the Paytm mobile payment app.
Jar seems to be a captivating startup with inspiring new development on financial services platform. Sending my best wishes for your business. I hope this startup gets you and your team a lot of success and fortune.Shishir Gupta, Founder and CEO, StartupLanes
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