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Jar Raises $ 22.6 Million in Series B Round

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A fin-tech app for savings, Jar, has raised $22.6 million in its Series B round, led by existing investor Tiger Global.

The startup has been valued at $300 million following the funding round.

Existing investors Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures also participated in the funding.

A new set of funds like 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures and others also joined the capital raising round.

According to reports, the startup is in talks with other external investors to extend the current round, but those details aren’t finalized yet.

The Bengaluru-based startup had raised $32 million led by Tiger Global, a new York-based investment firm, in February after which it was valued at around $200 million.

Jar, which was founded last year by Nishchay AG and Misbah Ashraf, plans to use the new funding to expand its workforce and strengthen its technology stack.

Nishchay AG, Founder, Jar says, “We are growing the team now across product, marketing and finance. With the funding we will look at offering newer investment options across mutual funds, index funds, fixed deposits and will even foray into lending as well as provide peer-to-peer (P2P) lending as an investment option.”

There is a large market for lending. We are still deliberating on the NBFC licence and working with the experts. However, we do not plan to apply for the licence immediately

At present, Jar plans to be a distributor of credit with the final loans being underwritten and delivered by its non-banking finance company (NBFC) partners. However, it will in future look to apply for an NBFC licence.

“There is a large market for lending. We are still deliberating on the NBFC licence and working with the experts. However, we do not plan to apply for the licence immediately,” says Nishchay.

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