App for daily gold savings, Jar has raised $32 million in a Series A round led by Tiger Global, with Rocketship.vc, Third Prime, Stonks, Force Ventures, and existing investors Arkam Ventures and WEH also participating.
Victor Jacobsson, the founder of Klarna, Suleman Ali of Ali Capital, Shamir Karkal, the founder of Sila Money, Byron Ling of Cannan Partners, Joel John of Ledger Prime, and Italic founder Jeremy Cai are among the angel investors who participated in the round.
The Series A funding comes on the heels of a $4.5 million Seed round in August.
Jar will use the funds to launch lending and insurance verticals, in addition to expanding and acquiring customers, according to a press release.
Jar, which was founded by Nishchay AG and Misbah Ashraf, allows users to invest as little as Re 1 and invests it in digital gold. The app can also detect expenses from a user’s SMS folder and round them up to the nearest tenth in order to generate spare change for each expense.
Users’ digital gold investments are backed by physical gold in the same amount, and they can withdraw or liquidate that amount of gold at any time. Jar has over 4 million users, the majority of whom are investing for the first time in their lives.
Get to know the pulses of the Indian startup ecosystem in reality by attending “INDIA FIRST TECH STARTUP CONCLAVE & AWARDS’22-Delhi Chapter” organized by the All India Council for robotics and automation, supported by the Ministry of electronics and information technology.
The event is scheduled to be held on the 17th and 18th of February 2022, marking the biggest tech startup event this year. The event brings together the speakers that are the best breed of entrepreneurs, innovators, venture capitalists, government department’s representatives, business model creators, consultants, policy-makers, academicians, support groups, business coaches and business practitioners.
The Platform helps startups to ramp up their innovative ideas and show off their services and products to attract investors. The experts of the industry will address and discuss all the innovations happening around the startup environment that youth empowerment and new-age tech business ideas can grow.
Click to know more about India’s biggest tech startup event: https://www.aicra.org/events/delhi/index.php
