Jar in talks to raise over $100 million at $550 million valuation; WestBridge issues termsheet

funding

Savings and digital gold platform Jar is in talks to raise over $100 million at a valuation of about $550 million, according to people familiar with the matter.

As many as five investors are engaging with the company for the round, with WestBridge Capital issuing a termsheet, the people said.

Kotak Investment Banking, which has handled recent IPOs of Groww and Meesho, is advising Jar on the fundraise. Discussions are at an early stage and the structure and final size of the round could still change.

Jar did not immediately respond to a request for comment.

The company has been profitable every month in the current calendar year and reported revenue of over $270 million for the financial year ended March, according to people aware of the numbers.

The company’s current talks mark a sharp turnaround from its earlier fundraising efforts. A proposed $50 million round led by Prosus fell through last year due to valuation differences, four people aware of the discussions told Moneycontrol earlier.

Also Read: Prosus-Jar deal comes unstuck due to differences in valuation 

Investors had offered a valuation of $200–250 million, while Jar sought $300–350 million, preventing a deal. Jar last raised capital in 2022 at a valuation of around $250 million, backed by Tiger Global, and was unwilling to accept a flat or down round.

Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar has also expanded beyond savings into jewellery through its direct-to-consumer brand Nek and into insurance offerings, aiming to capture a larger share of the gold value chain.

Jar’s business sits at the intersection of fintech and digital assets, riding a broader shift among Indian retail savers towards fractional ownership products.

The relevance of this model was highlighted this week in Parliament, when Rajya Sabha member Raghav Chadha pointed out that a middle-class saver cannot buy physical gold with as little as Rs 500 because the smallest practical unit costs over Rs 1 lakh.

Digital gold platforms, he said, allow investors to buy gold worth a few rupees, with ownership recorded digitally and the physical metal stored in vaults. Investors can sell holdings at market rates or convert them into physical gold once balances grow.

Chadha suggested that similar tokenisation frameworks could eventually be extended to real estate and infrastructure assets, allowing small investors to own fractions of otherwise illiquid assets. Jar operates in this space by enabling micro-savings in gold, positioning itself as a gateway product for first-time investors.

Financial filings underscore the scale-up in operations.

Jar’s consolidated revenue jumped to Rs 2,448 crore in FY25 from Rs 56.4 crore in FY24, according to filings with the Ministry of Corporate Affairs. The company narrowed its consolidated net loss to Rs 35.23 crore in FY25 from Rs 104 crore a year earlier.

On a standalone basis, Jar reported revenue of Rs 186.56 crore, an EBITDA of Rs 15.07 crore and a net profit of Rs 13.17 crore.

The company has previously indicated that it is also evaluating a public market listing around 2026, even as it explores private capital to fund its next phase of growth.