Daily Savings App Jar
INVESTMENT STARTUP 

Daily Savings App Jar Raises Investment in Series B Round

Administrator

Daily savings app Jar has secured $22.6 million in its Series B round, which was led by existing investor Tiger Global.

Following the fundraising round, the business has a $300 million valuation. Participants in the fundraising included existing investors Arkam Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital, Eximius Ventures, and WEH Ventures.

The capital raising round included the participation of a new group of funds, including 1Finance, Prophetic Ventures, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, and others.

Nishchay AG and Misbah Ashraf established Jar last year; it intends to use the fresh capital to boost its technological foundation and increase its workforce.

In June 2021, Jar introduced its savings product based on gold. Now, it intends to provide more lending, insurance, and mutual fund investment options.

According to Nishchay, we are currently expanding our staff in the areas of product, marketing, and finance. With the cash, we’ll consider providing more modern investment alternatives for mutual funds, index funds, and fixed deposits, and we’ll even venture into lending and offer peer-to-peer (P2P) lending as an investment option. “Loans are a necessary component of financial services, thus you must provide them”.

Currently, Jar intends to serve as a credit distributor, with its non-banking finance company (NBFC) partners handling the final loan underwriting and delivery. However, it will consider submitting an NBFC licensing application in the future.

The company says that there are currently 230,000 transactions each day on average and 10 million users have currently signed up. According to Nishchay, this represents an increase of more than three times over the last investment round.

“Jar’s savings app has swiftly earned trust and popularity with young earners interested in creating a saving and investment strategy by beginning with digital gold, a well-known and well-liked asset class in India. The company’s quick development has impressed us, and we are eager to increase our investment as they enter additional asset classes”, as per Tiger Global partner Alex Cook.