Bengaluru-based gold savings platform Jar has raised $22.6 million in a series B funding round led by Tiger Global. This is the second round of funding for the company in the past seven months.
It’s worth noting that Jar was aiming to raise about $50 million in the Series B round but the company appears to have settled down on a smaller cheque as the funding environment has turned tepid after the record funding boom in 2021. Entrackr had exclusively reported about Jar’s new round in May.
As per Entrackr’s sources, the company is estimated to be valued at around $320 million (post money). This would be a 60% jump in valuation from the last round as the company was valued to the tune of $200 million during its Series A round in February.
Founded by Nishchay AG and Misbah Ashraf, Jar allows users to invest as low as Re 1 in digital gold which is backed by physical gold of the same amount and customers can withdraw that much gold or liquidate it at any time.
Tiger has doubled down its investment in jar after leading a $32 million series A funding round in February. The company also counts Rocketship.vc, Third Prime, Stonks, Force Ventures, Arkam Ventures and WEH as its investors.
Previously, it also raised $4.5 million in a seed funding round from some investors mentioned above and a clutch of angel investors.
Joining the likes of several growth stage companies which have launched new ESOP schemes, Jar also expanded its employee stock option pool. According to Fintrackr’s calculations, the size of Jar’s ESOP pool is now worth around $13 million.
While Jar doesn’t have any direct competitions at the moment in India, it indirectly competes with the likes of Indiagold and Rupeek in the gold lending space.
