Tiger Global leads Series B for India savings platform Jar
Tiger Global Management has led a USD 22.6m Series B round for ChangeJar Technologies, operator of India-based savings and investment app Jar, at a valuation of more than USD 300m.
There were re-ups from the likes of 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, and Yes VC.
Arkam, WEH, and Tribe Capital, plus various angel investors, provided USD 4.5m in September 2021, according to AVCJ Research. Tiger Global then led a USD 32m Series A in February – at a reported valuation of USD 200m – supported by Arkam, WEH, Rocketship, Third Prime, and Force Ventures.
Founded 15 months ago by Misbah Ashraf and Nishchay AG, Jar launched its first gold-backed savings product in June 2021. The company is best known for its round-up offering, whereby the app tracks a user’s online spending, rounds up the daily total to the nearest 5 or 10 – for example, from INR 321 to INR 330 – and the difference is invested in secure digital gold.
There are also game functions that allow users to double their savings – by spinning a digital jar and seeing where it lands. Withdrawals are permitted 24 hours after an investment is made.
Jar claims to have onboarded 9m users to date and complete an average 220,000 transactions each day. On average, users’ savings grow 20% month-on-month. The company wants to reintroduce the younger generation to the concept of piggy banks by helping them save in digital gold and staying bank agnostic, according to its website.
The new capital will go towards expanding the suite of savings and investment products with a view to creating a comprehensive, one-stop savings platform, according to a statement. There are also plans to increase headcount.
“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. We are impressed with the company’s rapid growth and are excited to double down as they expand into new asset classes,” said Alex Cook, a partner at Tiger Global.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.