Jar, a three-month-old saving and investing app located in Bangalore, has raised $4.5 million in Pre-Series A funding from a clutch of high profile investors like Arkam, WEH, Tribe Capital.
The round also saw the participation from several angel investors like Kunal Shah (Founder, CRED), Shaan Puri (Senior Director of Product, Mobile Gaming & Emerging Markets at Twitch), Manik Gupta (ex-CPO, Uber and Co-founder of San-Francisco-based CVKey), and Ali Moiz (Founder at US-based Streamlabs, Peanut Labs Media and Stonks Inc).
The raised funds will be used for the team expansion and building more products. The start-up also plans to broaden its offerings beyond gold in the coming days.
As per the company, it has registered a growth of 350 per cent month-on-month and has reached 0.5 million users.
Founded by Nishchay AG, who is one of the founding members of mobility startup Bounce and Misbah Ashraf. Jar is a made in India daily gold savings application that helps you in saving money by taking spare change from online transactions and investing in Gold.
The Users can set up recurring payments and can invest any amount from INR 1. And single investments can be made by users using the platform, in gold.
Users can use the Jar feature which earns small amounts of money each time they make a transaction. For example, if a user has spent INR 27 on one transaction, the apps sumps-up the money to the nearest 10th — which is INR 30 in this case and invests the difference. The
Nishchay AG, Co-founder of Jar, said, “Jar is designed to help people build a habit of saving. There are over 900 million Indians who have a bank account, but only about 30 million of them make any kind of investment. We are using gold because it’s an asset that has always been delivered.”
Rahul Chandra, Managing director at Arkam Ventures, said, “Jar’s vision resonates with our thesis on how millennials’ need for financial well being can be met through extraordinary product innovation. We are impressed by Jar’s ability to drive user behaviour at scale in the very attractive market of financial planning and investing.”
Rohit Krishna, General Partner at WEH Ventures, said, “Most of the saving 1.0 products in India were mimicking the western counterparts and therefore couldn’t scale. The jar is a product made for India, ground-up and plays strongly to the Indian ethos of saving. The product is frictionless to use and therefore, users are excited to open the app multiple times in a week, something we don’t see too often in fintech products.”
“Jar has built a great team with an impressive background and hustle mentality. The app has demonstrated solid early traction, is intuitive and uses an idea that has already proven successful in the U.S.”