Jar raises USD 4.5 mn funding from Arkam, WEH, others

Fintech startup Jar said it has raised USD 4.5 million (about Rs 32.8 crore) from Tribe Capital, Arkam Ventures, WEH and others. The pre-series A round also saw participation Cred founder Kunal Shah, Shaan Puri (former Twitch executive), Manik Gupta (former Uber executive), Ali Moiz (Stonks founder), Shanti Mohan (LetsVenture founder) and Vikas Chaudhary (Jio President), Jar co-founder Nishchay AG told PTI.

Launched earlier this year by Nishchay AG and Misbah Ashraf, Jar’s Android app allows users to invest in digital gold. We are using gold because for centuries India has understood the importance and significance of gold, and it’s an asset that has always delivered, Nishchay said.

Since its launch just three months ago, the Jar app has been growing consistently 350 per cent each month, he added. Nishchay said gold is the first financial instrument in Jar’s journey, and the company plans to expand Jar’s offerings in the near future.

The funding will be invested to grow the team and build more products, he added.

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I come from a small town in Bihar. Throughout my childhood I have seen the debt trap a family can find itself into by making poor financial decisions. Jar is designed to help people build a habit of saving, Jar co-founder Misbah Ashraf said.

Nishchay said the platform has already seen 500,000 signups, and Jar expects to touch 1.5 million active user base by March next year.

The company is aggressively hiring and expects its headcount to be around 45-50 by the end of the fiscal, he added.