Jar is one of the best companies that assist millions of Indians in beginning to invest and save for the future.
Indian fintech Company Jar eyes a $50 million investment which raises its valuation up to $350 million.
In a very short period of time, the company has raised a huge amount in the form of investment and increased its capital valuation to $350 million.
The company has successfully raised several investments from time to time. In February 2022, it raised an amount of $32 million in its series A funding, and afterward, it successfully raised $4.5 million in August 2021 as per seriessinghtechcrunch.
With this new investment, the company is focusing on developing its platform more and more in India. Along with the company’s targets to acquire new customers and retain the existing ones, because only 20% of a hundred people believe in investing and saving.
The company is working to increase this from 20% to more than 60%. The company will further develop its app and make it more secure and safe.
The funding round was an interesting one in which active participation from the investors was observed. There was participation from existing and highly regarded investors, including Eximus Ventures, Force Ventures, Akram Ventures, Lead Ventures, Rocket Ship Venture Capital, and WEH Ventures.
Apart from this, the new investors who joined the company through this investment include One Finance, Cloud Capital, Capier Investment, Folious Ventures, and Panthea Capital.
What Is Jar?
Indian Fintech Jar was founded in the pandemic year of 2021 by Nishchay AG and Mishab Ashraf. The company basically provides an app with the name “jar.” It saves your spare change and invests it in digital gold automatically.
For example, if you have spent 45.75 rupees in a transaction, then it will automatically round off the amount to the closest zero, that is 50 rupees, and the remaining 25 paise will be automatically transacted by the app in your savings account.
Thus, it encourages savings in each and every transaction you make daily. It is the first company based in India that came up with such an innovative idea and method to save money and then invest it in digital gold.
In an interview with the Hindu Business Line, the CEO and co-founder of the company, Nischaly AG, says that we are observing an average growth of 20% in customers from month to month in our app, and we will be sure that in a short time we will be able to have a strong and sufficient customer base.
He further says that we will continue to offer new services in our app and always try to find new ways to encourage individual savings.
The Jar was founded back in 2021 by Nishchay AG and Mishab Ashraf, and in a remarkably small amount of time, the Jar has gained the trust of thousands of users, particularly younger generations.
Recently, the company raised an investment of $50 million, which is a huge amount to be raised by any startup within one year of its establishment. In the pandemic of COVID-19, every business is facing a crisis and facing several related issues, yet the company has achieved successful growth.
The new investment made by the companies stated how much the company had worked to raise its value.