Jar Fintech Startup Set to Raise Over $100 Million
Bengaluru-based fintech startup Jar is currently engaged in advanced negotiations to secure over $100 million in a new funding round, which is being spearheaded by Westbridge, as confirmed by three sources familiar with the transaction details. One insider, wishing to remain anonymous, stated that the discussions have reached an advanced level and Jar has received a term sheet that places its valuation between $500-550 million. Furthermore, Kotak Investment Banking has been chosen as the banker for this transaction.
This proposed funding comes in light of Jar’s impressive financial performance. For the fiscal year 2025, the company recorded an operating revenue of Rs 208 crore. Additionally, Jar achieved profitability in the latter half of FY25, boasting profits across two consecutive quarters, as reported by Startup Superb.
Another source, also requesting anonymity, mentioned that these discussions have been ongoing for several months, indicating that if there are no last-minute complications, the deal should materialize within the next four to six weeks.
Queries directed towards Jar and Westbridge on Monday went unanswered, and Kotak Investment Bank has not responded to inquiries submitted on Thursday prior to the publication of this report.
Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar operates a micro-savings platform enabling users to automatically invest their spare change into digital gold via UPI. The platform claims to have over 35 million registered users spanning more than 12,000 pin codes, with a significant proportion of first-time savers.
In the past year, Jar has diversified its offerings by expanding into jewellery with its Nek brand and has also begun engaging in insurance distribution.
Since its establishment, Jar has successfully completed multiple funding rounds. In August 2022, it secured $22.6 million in a Series B round led by Tiger Global, achieving a valuation exceeding $300 million. Other prominent investors include Arkam Ventures, Tribe Capital, and WEH Ventures.