Jar, an engagement platform for savings and investments operated by ChangeJar Technologies Pvt. Ltd, has raised $22.6 million (around 178.5 crore) in a Series B funding round led by Tiger Global, valuing the company at $300 million.
The round also saw participation from existing backers Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures.
New investors include 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures, Yes VC, Adam Nash (founder of WealthFront) among others.
The company will use the funds to expand its workforce and build the platform. Jar launched its first gold-backed savings product in June 2021. The platform currently clocks an average of 220,000 transactions a day, it said in a statement.
“We are seeing a 20% 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,” said Nishchay AG, CEO, Co-Founder of Jar.
Jar raised $32 million as a part of its Series A funding round led by Tiger Global earlier in February. Rocketship.vc, Third Prime, Stonks, Force Ventures along with existing investors including Arkam Ventures and WEH Ventures also participated in the funding round. It raised $4.5 million in August last year as a part of its seed funding round.
In July, Jar raised Rs 20.5 crore from existing investor Third Prime Crypto Fund and new investors JAS Fund and Exponent Capital in an extended Series A funding round and also introduced a new employee stock option plan (Esop).
The company raised $4.5 million in August last year as a part of its seed funding round, and is now planning to add other asset classes along with gold, where it will invest users’ savings.
Bengaluru-based Jar, which was founded in 2021 by Nishchay AG and Misbah Ashraf, enables users to save and invest small amounts in gold. The Jar app saves a small amount each time a user makes a transaction. The app, which has the access to look at the transaction history, rounds up an individual’s daily spending and puts some money aside as investment in digital gold. Users’ investments in digital gold are backed by physical gold of the same amount and they can choose to withdraw that much gold or liquidate their investments at any time.
