Fintech start-up Jar has raised $22.6 million in Series B funding round led by Tiger Global, valuing the company at $300 million.

The round saw participation of other returning investors including Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital, and WEH Ventures. New investors such as 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures, and others also joined the round. 

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Jar will utilise the current round of funding to expand its workforce and continue to build a one-stop savings financial platform. 

Nishchay AG, CEO and Co-Founder of Jar, said, “We are seeing a 20 per cent 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.” 

Began with digital gold

Founded in May 2021 by Misbah Ashraf and Nishchay AG, Jar’s vision is to inculcate the habit of savings and investments among Indians, thereby helping them achieve financial independence and create a wider societal financial inclusion. The company said that the platform currently clocks an average of 2,20,000 transactions a day.

Alex Cook, Partner at Tiger Global, “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.”

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