Fintech startup Jar announced it has raised $22.6 million in Series B funding round led by existing investor Tiger Global. Post funding, the startup is valued at $300 million.
Existing investors Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures also participated in the funding round.
A new set of funds like 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures and others also joined the capital raising round.
Founded by Nishchay AG and Misbah Ashraf, Jar plans to use the new funding to expand its workforce and strengthen its technology stack.
“There is a large market for lending. We are still deliberating on the NBFC licence and working with the experts. However, we do not plan to apply for the licence immediately,” Nishchay said.
Nishchay said this was a more than three-times growth since its previous round of funding. The company said it had 10 million registered users at present.
“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,” Nishchay, who is also its chief executive, added.
“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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