Jar, a Bengaluru-headquartered fintech startup, is in talks to raise a new funding round as it looks to scale its product and expand its offerings.

As per sources, Jar is in late-stage talks to score a new round led by existing investor Tiger Global, with the participation of other existing backers, including Third Prime, Rocketship, and Stonks.

Jar | Daily Gold-savings App

Founded by Nishchay AG and Misbah Ashraf, Jar is a daily gold savings app that lets people save money by taking spare change from their online transactions and investing it in digital gold automatically.

Jar is helping millions of Indians begin their investment and saving journeys and claims to have amassed over 7.5 million registered users.

Coming back to the development, Tiger Global will invest 70-80% of the Series B round, as per the sources. The term sheet has been signed, and if nothing goes wrong at the last moment, the deal will be closed in a few weeks, added one of the sources.

If this deal materialises, this would be the second funding round for Jar in the past four months, as the startup closed a $32 million in funding in February this year. Currently, Jar doesn’t have a direct competitor in India, but the fintech startup indirectly competes with startups like Indiagold and Rupeek in the gold lending space.

Indian fintech startups have been receiving an overwhelming response from investors and gaining momentum as several fintech startups have raised funds in the first five months of 2022. Last month, the Indian startup ecosystem received $2.6 Bn in funding, wherein fintech startups secured 24.1% of the total funding, as per a report by Inc42.

This month alone, multiple fintech startups, including Gurugram-based SaveIN, Three Wheels United, BharatX, Multipl and SME-focused neobanking platform Open, have raised funds. 

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