India-based micro gold savings app Jar has raised US$32 million in its Series A funding round led by Tiger Global. The funding round was also joined by new investors Third Prime, Rocketship.vc, and Force Ventures along with existing investors WEH Ventures and Akram Ventures.
Angel investors including Suleman Ali of Ali Capital, Klarna founder Victor Jacobsson, Shamir karkal of Sila Money, Joel John of Ledger Prime, and Byron Ling of Cannan Partners also participated in the financing round.
The Series A round follows a seed funding round where the startup had raised US$4.5 million led by Akram Ventures in September 2021. It’s total funding to date is US$36.5 million and is valued at US$200 million.
Jar will be using the fresh funds to diversify its products, lending and insurance offerings.
“We are solving for habit and behaviour among young Indians,” said Nishchay AG, 37, co-founder and chief executive officer of Jar. “We want millennials to look at investing as insurance for their future, and not treat it as an expense.”
We are bought into Jar’s mission of helping users build a daily savings habit, and we’re excited to partner with the team as they scale to millions of customers,” Tiger Global partner Alex Cook said.
Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar offers an app that allows users to save money and invest in digital gold.
The startup focuses on removing the pressure and challenges of investing among average Indian citizens by helping them get started with micro amounts in gold, an asset that’s captivating and relatable to the people.
Jar gives its users an option to save as little as a few rupees every time they transact on payment apps like Walmart Inc. and Paytm, which is then invested in real-time in digital gold.
Since its launch, the Bengaluru-based FinTech startup is growing rapidly and presently has 4 million users, out of these almost nine-tenths of them are between 21-35 years age group. About 95 percent of users are first-time investors, and Jar’s app clocks more than 150,000 transactions daily transactions.