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Jar in talks to raise $100 Mn led by Westbridge

Entrackr · 15h ago

Medial

Bengaluru-based fintech startup Jar is in advanced discussions to raise over $100 million in a new funding round led by Westbridge, according to three sources aware of the details of the transaction. “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,” said one of the sources requesting anonymity. “Kotak Investment Banking has been appointed as the banker for the transaction.” The proposed fundraise comes on the back of a strong financial performance by the company. In FY25, Jar reported Rs 208 crore in operating revenue. The company also turned profitable in the second half of FY25 and posted profits in two consecutive quarters, as reported by Entrackr. “The discussions have been ongoing for the past several months. If nothing goes wrong at the last moment, the deal will come through in the next 4 to 6 weeks,” said another source, who also requested anonymity. Queries sent to Jar and Westbridge on Monday remained unanswered, while Kotak did not respond to queries sent on Thursday until the story was published. Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar operates a micro savings platform that allows users to invest spare change automatically into digital gold through UPI. It claims to have over 35 million registered users across more than 12,000 pin codes, with a large share of first-time savers. Over the past year, Jar has expanded beyond digital gold into jewellery through its Nek brand and has also entered insurance distribution. Jar has raised multiple funding rounds since inception. In August 2022, it raised $22.6 million in a Series B round led by Tiger Global at a valuation of over $300 million. Other notable investors include Arkam Ventures, Tribe Capital and WEH Ventures.