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Gold savings platform Jar had been struggling to raise a fresh round despite discussions with several investors, including WestBridge. However, the Bengaluru-based firm has now secured a Rs 29 crore from existing backer Unitary Fund. Importantly, the funding comes at a premium, with Jar’s valuation increasing 23% from its last round. According to the company’s regulatory filings, Jar’s board approved the allotment of 1,70,589 Series B2 compulsorily convertible preference shares (CCPS) at an issue price of Rs 1,700 per share. Unitary Fund invested the entire Rs 29 crore in the round. The company plans to use the fresh funds to meet its working capital requirements and for general corporate purposes, as per the filings. The fresh capital comes as Jar has been in talks to raise$100 million from investors, including WestBridge Capital. Sources said discussions with WestBridge and other potential investors appear to have fizzled out. However, sources assert that the company has been operating profitably for the past year. The funding also comes amid regulatory scrutiny of the digital gold savings sector. While Jar and other digital gold savings platforms do not fall under the regulatory ambit of SEBI, Bengaluru Police registered an FIR against the company over allegations of unauthorised collection of money from users against digital gold without the required regulatory approvals. The Karnataka High Court refused to quash the FIR and allowed the investigation to continue. Sources said regulatory concerns have made investors more cautious about backing digital gold savings platforms. Following the FIR against Jar, larger fintech players such as GPay, PhonePe and Paytm are also not promoting digital gold in the way they used to. As per Entrackr’s estimates, Jar’s post-money valuation stood at around Rs 3,155 crore in this round, 23% higher than Rs 2,565 crore in its previous round. Jar operates a savings and investment platform that allows users to automate savings and invest in digital gold. The company has also expanded into jewellery through its Nek vertical and insurance offerings. Sources said its D2C jewellery brand has been scaling rapidly. Following the latest allotment, Tiger Global holds a 9.60% stake in Jar, while Unitary Fund owns 9.50%. WEH Ventures and Motherson Lease Solution hold 2.52% and 0.89%, respectively. Co-founders Arkalagud Gowrishankar Nishchay Babu, Misbah Ashraf and Captain Prashant Priya hold 25.23%, 16.64% and 7.40%, respectively. Jar has raised more than $60 million to date from the above investors. The startup reported Rs 208 crore in operating revenue in FY25, while its gross revenue stood at around Rs 2,450 crore. Jar also narrowed its losses and claimed to have turned profitable in the second half of FY25.
document fetched 2026-09-19 02:59