Jar, India’s first micro-savings app, raises $22.6 million in Tiger Global-led Series B funding at over $300 million valuation

Bangalore (Karnataka) [India], August 23: Fintech startup Jar, which runs a savings and investments platform, has raised $22.6 million as a part of its Series B funding round led by Tiger Global, at a valuation of $300 million.

“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,” Alex Cook, partner at Tiger Global, said. “We are impressed with the company’s rapid growth.”

Jar’s other existing investors including Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures, also participated in this round. The clutch of new investors injecting money into the company include: 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures, Yes VC, Adam Nash (Founder of WealthFront and Board Member of Acorns) and Zachary Hargreaves (an investor in Founders Fund as well as Chief Technology Officer and Co-Founder of Vires Aeronautics).

“Because our users deeply align with every aspect of our platform based on existing behavior patterns, we have been privileged to witness early and agile adoption. 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,” says Nishchay AG, CEO and Co-Founder of Jar.