Indian Fintech Jar, the closed a $32 million funding round in February of this yearis in talks to raise new funding to scale its product and expand its offering.
The Bengaluru-headquartered startup is working with multiple investors to raise about $50 million at a valuation of $350 million, according to four people familiar with the matter. Misbah Ashraf, co-founder of Jar, was asked for comment on Wednesday and said it was too early to comment.
Tiger Global, an existing Jar backer, is positioning itself to lead the year-old startup’s Series B funding, the sources said, asking not to be identified as the details are private. Folius Ventures and Paramark are also committed to investing in the new round, the people said.
Jar is helping millions of Indians start their investing and saving journey. Almost a billion Indians have bank accounts today, but they have never invested. Part of the reason for this is confusion, Nishchay Ag, co-founder and CEO of Jar, explained in a previous interview with TechCrunch. “Your world is littered with ads for various financial instruments,” he told TechCrunch in a previous interview.
For decades, banks and investment funds have tried to appeal to India’s masses with their products. Despite investing hundreds of millions of dollars to break into the market, they have been able to woo fewer than 30 million people.
“Making a product is one thing, being able to sell it is another. All of these institutions are well made. To sell, you need to be guided by the individual’s personality, idiosyncrasies, insecurities, cognitive load, and cultural significance. It’s an art and science in itself,” he said at the time.
Indian fintech Jar eyes $50 million investment – TechCrunch Source link Indian fintech Jar eyes $50 million investment – TechCrunch