Total amount raised
$59.1 Millions
Latest funding date
8/1/2022
Location
Jar has successfully raised $32 million in its Series-A financing round, attracting significant interest from investors. The platform offers a unique way for users to save and invest in digital gold, making it accessible to a broad audience.
Keep reading to explore the intricacies of Jar's fundraising journey and the investors backing this innovative platform.
What Is Jar?
Jar, founded on January 23, 2021, is an investment tech startup based in Bangalore, Karnataka, India. The company was co-founded by Nishchay AG and Misbah Ashraf.
Jar enables users to save money by automatically investing spare change from online transactions into digital gold. This digital gold can be redeemed or withdrawn easily through UPI.
With a team of 51-100 employees, Jar aims to make saving and investing accessible to a broad audience, encouraging daily savings habits among its users.
How Much Funding Has Jar Raised?
- Seed Round
- Amount Raised: $4.5M
- Date: August 2021
- Lead Investors: Arkam Ventures, Tribe Capital, WEH Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and growth of Jar's platform, allowing it to offer digital gold-saving opportunities and integrate with digital payment apps like Paytm for recurring payments.
- Series A
- Amount Raised: $32M
- Date: February 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: $200M
- Motivation Behind the Round: To support Jar's growth and expansion. The funding was aimed at enhancing Jar's digital gold-saving investment platform and increasing its user base.
- Series B
- Amount Raised: $50M
- Date: May 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop Jar's platform and expand its workforce.
- Series A
- Amount Raised: ₹205M
- Date: July 2022
- Lead Investors: Upsparks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's ongoing growth and platform enhancements.
- Series B
- Amount Raised: $22.6M
- Date: August 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: $300M
- Motivation Behind the Round: To expand Jar's workforce and build a comprehensive financial platform for savings.
Total Amount Raised: $109.1M
Current Valuation: $300M
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a New York-based investment firm known for its significant investments in technology and internet companies. The firm has a strong track record of backing high-growth startups globally.
- Investment Focus Areas: Technology, internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Arkam Ventures
- Details: Arkam Ventures is a venture capital firm focusing on early-stage technology companies in India. The firm aims to support startups that address the needs of middle India.
- Investment Focus Areas: Technology-driven startups, fintech, consumer tech.
- Notable Investments: Smallcase, Signzy, KreditBee.
- Eximius Ventures
- Details: Eximius Ventures is a venture capital firm that invests in early-stage startups in India. The firm focuses on sectors that have the potential for significant growth.
- Investment Focus Areas: Fintech, health tech, consumer tech.
- Notable Investments: Not publicly disclosed.
- Force Ventures
- Details: Force Ventures is a venture capital firm that invests in early-stage technology startups. The firm aims to support innovative companies with high growth potential.
- Investment Focus Areas: Technology startups, early-stage investments.
- Notable Investments: Not publicly disclosed.
- LetsVenture
- Details: LetsVenture is a platform that connects startups with investors, facilitating early-stage funding. The platform has a broad network of investors and startups across various sectors.
- Investment Focus Areas: Early-stage startups, various sectors.
- Notable Investments: Dunzo, Trell, Khatabook.
What's Next for Jar?
Jar's future looks promising as it aims to expand its workforce and build a comprehensive financial platform for savings. With over 9 million users and an average of 220,000 transactions per day, the opportunities for growth are substantial. The Indian investment tech market is projected to grow from $20 billion in 2021 to over $60 billion by 2025, providing a significant market for Jar to capture.
Future fundraising opportunities appear bright, with the potential for further Series C rounds and beyond. However, Jar will face challenges such as intense competition from established players like Groww and Zerodha, and the need to maintain user trust and engagement. Navigating regulatory changes will also be crucial as the company scales its operations.
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