Jar operates a mobile savings app that lets users save small amounts and invest primarily in digital gold. The app offers features like roundups, recurring savings and one-time executions to make saving easy and habitual. Since launching a year ago Jar has amassed over 9 million registered users, clocks over 220,000 transactions daily, and is growing about 20% month over month while spending less than $1.5 to acquire each user. The startup employs about 90 people and is hiring roughly 50 more as it prepares to expand its product suite. Jar plans to roll out insurance, mutual funds, secured and unsecured lending, fixed deposits, peer-to-peer loans and other offerings in the coming quarters. Financially the company recently closed a $22.6 million Series B, is valued at over $300 million and says the new funding extends its runway by three years; it has raised more than $58 million to date. Jar is a seven-month-old Bengaluru-based fintech startup that operates an app which rounds up users' daily spend and invests the spare change into digital gold backed by equivalent physical gold. Users can withdraw the equivalent physical gold or liquidate their investments at any time. The app has amassed over 4 million users, 99% of whom are investing for the first time. Jar raised $4.5 million in seed funding last year and has now completed a $32 million Series A. The new funding values the company at over $200 million, according to sources. The founders say they are expanding beyond digital gold to offer more financial instruments, and plan to introduce lending and insurance to users in the coming months. Jar is an Indian mobile app that helps users begin a savings and investing habit with amounts as small as 1 Indian rupee. The three-month-old Android app enables recurring micro-investments via Paytm using UPI 2.0 and is working on PhonePe support. Jar rounds up users' transactions by gleaning text messages to save spare change, offers manual top-ups, and currently routes saved money into digital gold. The founders chose gold because of the broad trust the asset class enjoys across India, and they plan to offer additional investment instruments over time. The app has amassed about half a million downloads and reports transactions and assets under management growing roughly 350% month-over-month. Jar was founded earlier this year by Nishchay AG and Misbah Ashraf and plans to broaden its product offerings in the near term.

Total raised

$59M

Funding rounds

3

Latest round

Series B

Latest activity

Aug 2022