100M Series Tiger Global 220M Upadhyayentrackr

100M Series Tiger Global 220M Upadhyayentrackr

What the Series B funding round for Jar from Tiger Global means.

100M Series Tiger Global 220M Upadhyayentrackr

Jar, an online platform for conserving gold, has just announced a Series B fundraising round of $22.6 million, led by previous investor Tiger Global.

The Bengaluru-based firm had hoped to receive more financing in this round, but the global recession and lacklustre funding climate forced them to settle for less.

100M Series Tiger Global 220M Upadhyayentrackr

Jar did not reveal important information, such as the breakdown of the round, the shareholding, or the valuation, at the time of the release. These figures have been deciphered by Fintrackr using information from the company’s regulatory filings with the Registrar of Companies (RoC).

According to the Company’s Filings,

Its board of directors approved a special resolution authorising the issuance of 1,480 Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 12,10,925.72 per share, for a total of Rs 179.21 crore (almost $23 million).

The investment round was led by Tiger Global, which invested Rs 39.72 crore (about $5 million), followed by Rocketship.vc ($3 million), and Unitary Fund ($3 million). To be fair, this was arguably one of Tiger’s smaller lead investments in an Indian firm. Regardless of the fact that the fund was a critical factor in the creation of 22 unicorns in 2021 and seven in 2022.

Third Prime, Eximius Ventures, and Kube Opportunities (Kube Capital) put in Rs 19.86 crore ($2.5 million), Rs 15.86 crore ($2 million), and Rs 7.99 crore ($1 million), respectively. The remaining funds came from investors like Staenberg Venture Partners (SPV), Folius Ventures, Mauryan First, and others.

After the Series B round allocation, Fintrackr estimates that Jar’s worth is around $325 million. It has so far raised close to $60 million, with the most recent round being in February of this year and bringing in $32 million.

As a result of this investment, Tiger Global will own 9.9% of the company, with Nishchay AG and Misbah Ashraf controlling 44% between them.

With the help of the company’s partners, users of the nearly two-year-old platform Jar may instantly transform their digital gold holdings into physical gold in the form of coins or jewellery.


The company claims that there is no minimum lock-in period and that withdrawals can be made within 24 hours of initial deposit. SafeGold provides the functionality, and IDBI Bank, which is supervised by the RBI, guarantees any gold purchased through the site.


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