Jar Raises Rs 29 Crore from Unitary Fund at Higher Valuation
Bengaluru-based Jar has raised Rs 29 crore in a Series B2 funding round from existing investor Unitary Fund. The deal values the gold savings platform at approximately Rs 3,155 crore post-money, 23% higher than its previous round valuation.
The company’s board approved the allotment of 1,70,589 Series B2 compulsorily convertible preference shares at an issue price of Rs 1,700 per share, with Unitary Fund investing the full amount. The fresh capital is earmarked for working capital requirements and general corporate purposes.
Jar operates a savings and investment platform enabling users to automate savings and invest in digital gold. The company has expanded into jewellery through its Nek vertical and insurance offerings. Sources said its D2C jewellery brand has been scaling rapidly.
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Regulatory concerns have made investors more cautious about backing digital gold savings platforms. Bengaluru Police registered an FIR against Jar over allegations of unauthorised collection of money from users against digital gold without the required regulatory approvals. Following the FIR, larger fintech players such as GPay, PhonePe and Paytm have also not been promoting digital gold in the way they used to.
Sources said Jar has been operating profitably for the past year. The company has raised more than $60 million to date from the above investors.
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