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Jar in talks to raise $100 Mn led by Westbridge

EntrackrEntrackr · 9d ago
Jar in talks to raise $100 Mn led by Westbridge
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.

Fintech Dominates Secondary Transactions in 2023 and 2022, Followed by SaaS and E-commerce Peaks in 2021: Report

OutlookIndiaOutlookIndia · 1y ago
Fintech Dominates Secondary Transactions in 2023 and 2022, Followed by SaaS and E-commerce Peaks in 2021: Report
Medial

According to PrivateCircle's Indian Start-Ups Deal Report 2023, Fintech and SaaS witnessed the highest number of secondary transactions in both 2023 and 2022 in India. The report tracked 117 start-ups valued at $500 million or more and found that Fintech consistently provided exits to investors, while SaaS showed resilience in this aspect as well. The report also highlighted a drop in start-up funding, with a 62% decrease in primary funding in 2023 compared to the previous year. Despite the slowdown, venture capital funds have sufficient capital for investments, and activity is expected to pick up later in the year. Lenskart raised the largest funding round of $500 million.

Prosus in talks to pick up 5% stake in Rapido

YourStoryYourStory · 1y ago
Prosus in talks to pick up 5% stake in Rapido
Medial

- Prosus is in talks to purchase a 5% stake in Rapido, India's second-largest cab-hailing platform, at a flat valuation of $1 billion. - The deal is expected to be a fully secondary transaction, with Rapido's early investors looking to offload some stake. - Prosus has initiated the due diligence process, and a 5% stake would result in an investment of approximately $50 million. - Rapido has surpassed Ola to become the second-largest ride-hailing platform in India, with 2.5 million rides per day. - Rapido recently secured $200 million in funding to expand operations nationwide and improve its technology platform. - Prosus, an active investor in India, is also the largest shareholder in Swiggy and is considering increasing its stake in Urban Company with a $30 million investment.

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