Bengaluru-based fintech firm Jar is in advanced talks to raise more than $100 million in a new fundraising round headed by Westbridge.
According to reports, the discussions are at an advanced stage and the company has received a term sheet which will value Jar in the range of $500-550 million. Kotak Investment Banking has been designated as the transaction's banker.
Key Highlights
- Bengaluru-based fintech Jar in advanced talks to raise over $100 million in a WestBridge-led funding round.
- Proposed round values Jar at about $500–550 million as the micro-savings platform expands beyond digital gold.
The company's outstanding financial success is the reason behind the proposed fundraising. Jar recorded operating revenue of Rs 208 crore in FY25. Additionally, the business reported profits in two straight quarters and earned a profit in the second half of FY25.
For the past few months, the talks have been going on. The sale will be finalized within the next four to six weeks if all goes according to plan, according to reports.
Jar, a microsavings platform run by Nishchay AG and Misbah Ashraf, was founded in 2021 and enables users to automatically deposit spare change into digital gold via UPI. With a significant proportion of first-time savers, it claims to have over 35 million registered users over more than 12,000 pin codes.
Also Read: SEBI's Digital Gold Warning Seen as a Boost for Fintech Firms
In the last year, Jar has branched out from digital gold to include jewelry under its Nek brand and insurance distribution.
Since its founding, Jar has raised money in several waves. At a valuation of more over $300 million, it secured $22.6 million in a Series B investment led by Tiger Global in August 2022. Tribe Capital, WEH Ventures, and Arkam Ventures are a few more prominent investors.
