Jar, a daily savings startup, has acquired $32 million in a Series A funding round led by Tiger Global, a New York-based investment firm.

New investors included Rocketship.vc, Third Prime, Stonks, and Force Ventures, as well as current backers Arkam Ventures and WEH. Several angel investors, including Klarna's founder Victor Jacobsson, Ali Capital's Suleman Ali, Sila Money's Shamir Karkal, and Canaan Partners' Byron Ling, also contributed.

According to persons familiar with the situation, the Bengaluru-based finance business is now valued more than $200 million. Jar did not respond to a question on its worth. In September 2021, the company raised $4.5 million.

Jar, a gold-based savings product, was launched in June 2021 by Misbah Ashraf and Nischay AG. It presently has 4.7 million registered users, up from 400,000 in September. Following a user's nod, the Jar app saves a small amount each time she makes a transaction, as well as offering her the choice to invest as much as she wants. For the time being, the investment is in digital gold, which can be liquidated or withdrawn as actual gold.

“We have seen tremendous growth. Now, we have over 100 transactions per minute on our platform,” Nischay AG, who is also the chief executive of the firm, said. “As the habits and discipline become stronger, we see a jump of 20% in investments from users on a month-on-month basis.”

Jar will utilise the extra funds to provide loans and insurance to its consumers, he said, while continuing to focus on increasing distribution and encouraging people to save through gamification. “Overall financial literacy is very low among first-time investors and they need to be educated more and habits need to be formed. We are investing in that. Later this year, we will launch two more financial products,” Nischay added.

“Jar is bringing new users into the online investing space, starting with digital gold as the first product,” said Alex Cook, partner at Tiger Global. “We bought into Jar’s mission of helping users build a daily savings habit, and we’re excited to partner with the team as they scale to millions of customers.”