Indian fintech Jar eyes $50 million investment – TechCrunch
Indian fintech Jar, which closed a $32 million financing round in February So year, is in talks to increase generation funding as it looks to scale its product and expand its offerings.
The Bengaluru-headquartered startup is engaging of course several investors to increase about $50 million at a $350 million valuation, according to four people familiar of course the matter. Asked for comment on Wednesday, Misbah Ashraf, co-founder of Jar, said it was too early to comment.
Tiger universal, an existing backer of Jar, is positioning to guide the one-year-old startup’s Series B funding, the sources said, requesting anonymity as the details are private. Folius Ventures and Paramark are also engaging to invest in the generation round, the people said.
Jar is helping millions of Indians begin their investment and saving journeys. Nearly a billion Indians bring bank accounts today’s time, but they bring never produced random investment. Part of the reason is confusion, explained Nishchay Ag, co-founder and chief executive of Jar, in an earlier interview of course TechCrunch. “Their world is littered of course ads of unique financial instruments,” he told TechCrunch in an earlier interview.
For decades, banks and mutual funds bring been trying to tap India masses of course their products. Despite the hundreds of millions of dollars they bring sunk in to win the market, they bring been able to court fewer than 30 million individuals.
“Manufacturing a product is one thing and being able to sell it is another. All these institutions are many years of experience at manufacturing. For selling, visitors bring to possess meaning aligned of course the individual’s persona, idiosyncrasies, insecurities, cognitive load and the cultural significance. that’s an art and science by itself,” he said then.
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