Savings App Jar has raised $22.6 million in its Series B funding round, led by existing investor Tiger Global, at a valuation of $300 million. Existing investors such as Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures also participated in the round.
1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures and others joined the latest fundraising round.
Jar plans to use the new funding to expand its workforce and strengthen its technology lineup. The Bengaluru-based startup has raised $32 million led by Tiger Global in February, then valued at around $200 million.
Founded by Nischay AG and Misbah Ashraf, Jar launched its gold-based savings product in June last year. It now plans to offer more investment products across mutual funds, insurance and lending. According to the company, it currently records an average of 220,000 transactions a day.
Nishchay AG, Founder of Jar, said, “We are seeing an average 20% monthly increase in user savings and are excited to see them develop into dedicated and confident investors. We will continue to expand our service offering to suit them and help them achieve their goal of financial independence.”
Alex Cook, Partner at Tiger Global, said, “Starting with digital gold, a well-known and popular asset class in India, the Jar savings app has quickly gained the trust and attraction of young people who are interested in developing a savings and investment strategy. We have been impressed by the company’s rapid growth and are excited to double down as they expand into new asset classes.”
ET reported on Cook’s recent visit to Bengaluru, where he said that the fund will continue to support the best-performing companies and also strive to do some more seed deals and early-stage deals.