Jar’s move to jump on the digital lending frenzy comes at a time when several fintech startups, including some of the most-valued companies in India, are putting their foot down on lending, as India continues to remain a credit-starved market.
Jar said that it will use the funds to expand its workforce and continue to build a comprehensive, one-stop savings financial platform.
At a time when some of the world’s largest venture capital (VC) firms, including Sequoia Capital and Y Combinator, are sending out notes to their portfolio companies to prioritise profitability over growth, Rocketship VC’s Venky Harinarayan is advising portfolio startups to stay put on growth.
Jar works by rounding off an individual’s daily spending and setting aside the additional money as investment.
The app that allows users to invest small amounts in gold is looking to get into lending and insurance