Saving and investment platform, Jar, has announced to raise a funding amount of USD 22.6 Million in series B round. This Series B round was led by, American Investment firm, Tiger Global Management and helped the company to reach valuation of USD 300 million.
The application has the access to look at users' transaction history and allows them invests in digital gold automatically by saved money.
Existing investors of the company which includes Akram Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures have shown their active participation in this round. Moreover, the company reported, some new investors like 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures.
Jar claimed to use the raised funds to increase its workforce and strengthen its services to provide a comprehensive, one-stop savings financial platform.
Co-founder of Jar, Nischay AG, said, "We are seeing a 20 percent average growth in users’ savings from month to month 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.”
The company claims to have more than nine million users on its mobile application. The application was launched, in June, last year. It lets customer save a small amount (by rounding of the total expenses) every time he or she makes a payment. The application has the access to look at users' transaction history and allows them invests in digital gold automatically by saved money. Jar claims it platform to have an average of over 220,000 transactions a day and will soon enter the other investment avenues like mutual funds in future.
Tiger Global manages funds of over USD 20 billion, and has yielded tons of benefits from the rise of share prices of tech companies such as Zoom during the pandemic. This is not the first time Tiger Global has invested in Jar. In February, 2022, it has raised USD 32 million by Tiger Global after which Jar reached at around USD 200 million.
"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.
