Jar, a fintech startup, achieves brand new funding from Tiger Global at a valuation of $300 million.
Jar, a fintech startup focusing on the savings genre, held a funding round recently. It had several participating investors like Akram Ventures, LetsVenture and Force Ventures. The information reported states more new investing parties were involved in this event.
Digging more deeply into the Jar event –
Business Mindset
A Bengaluru-based startup, Jar focuses on educating the youth about savings. It states on its website that the human race is proceeding toward consumerism.
It adds another word, ‘easy gratification’, in its statement, where the consumer often leaves with either their empty soul or empty wallet or sometimes both.
Adding solution to the above issue, the startup wants to help millions of Indians, awarding the undeniable and cumulative advantages of daily savings. Referring to old-school piggy banks, they want their customers to save through the medium of digital gold.
To influence the customers more, the fintech startup has listed its following missions –
Educate the Youth
As we know, how well the Indian education system lacks, be it not teaching essential topics like financing or maintaining 200 years old system till date.
The company focuses on teaching financing issues to the youth, especially savings, as there are no standards for it. Due to this, no one neither does nor recommends it.
The Jar focuses on teaching the youth about saving and ensuring their app is an experience for all.
Make Savings a Habit
Making a good habit is as hectic as making a rock sculpture out of rock, requiring patience and consistency. The company aims to help its users/customers save as part of their lifestyle rather than just a ritual.
The app uses a unique mechanism, where it asks the user for a one-time authorization, after which it uses AI to normalize savings mentality, making it a habit formation.
100% Convenience
User convenience is the key to success for every, be it valued at a billion dollars or a thousand dollars. Jar uses this specific key as their success mantra.
Jar ensures the user’s voyage with them is as frictionless as possible. Joining that, they guarantee the daily saving is presented to the user in the best manner, as consumers can save daily while focusing on other aspects of their daily tasks.
Keeping it Positive
Making a positive change in their customers’ savings makes their relationship with Jar more special. To ensure this, Jar keeps an error-free platform that motivates them to use it rather than uninstalling it,
The company further states its policy not to use several doomsday assumptions promoting savings. Jar believes saving leads to a better future, which gives a longer care-free self-future.
Small Amounts Only
As Small drops make a river, Jar believes a small save makes a better future. They claim to have a mindset free from sucking users’ pockets.
Jay states spending small amounts like 5 or 10 makes the users never feel the pinch on their wallets. It also lets consumers enjoy all benefits, which increase every day.
Apart from these beautiful statements, the website of Jar also provides several blogs to educate the users.
Jar’s Founders
Founded in 2022, here are the co-founders of Jar –
Nishchay AG
With a career in Engineering, Nischay is currently the Co-founder of the startup since Jan 2021. Before founding the fintech startup, he had worked in several corporate profiles, like Project Manager, Senior Consultant and Director.
With 20,275 followers on Linkedin, Mr Ag has worked in Infosys, NTT DATA Americas and Bounce.
Misbah Ashraf
An alumnus of DAV Public School, Misbah is the Co-founder of Jar and CEO of Marsplay. He has a job profile of working in both technical and entrepreneurial fields.
Before founding Jar, Mr Ashraf founded several startups like Cibola, Apricott and many more. Starting with a marketing internship, he is a fellow of several programs, Head of Product and Growth and a CGO of different companies.
Coming to the Funding
Jar’s Statement
With a fresh Valuation of $300 million, Jar has fetched $22.6 million in its series B round. Before this funding occurrence, Jar already had raised funding on the valuation in February.
Reports suggest that the changes in the company’s valuation have happened as the Fintech startup has recently launched a gold-based saving. Apart from that, with a 20% average monthly growth, the company currently claims 10 million registered users.
Other plans include the addition of 50+ individuals to an 85-member team.
Tiger Global’s statement regarding Jar
With a USP of digital gold, Jar has foremost India’s best saving application. Though it has competitors like Multipl and Deciml, the startup has quickly gained the trust of young earners.
Alex Cooks, partner of Tiger global, share an impression of being interested as the company’s rapid growth links double down. He added that there are high chances of expanding into the new asset class.
Read More: Edtech startup Sunstone raises $35 million in Series C Funding
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