Jar raises $3M Series B extension from Unitary Fund at a higher valuation
What's the deal? Jar, a Bengaluru-based gold savings platform, has raised roughly $3 million (US$3.94M) in a Series B extension from existing backer Unitary Fund. The round came at a premium, lifting Jar's valuation 23% from its previous round.
The details: Jar's board approved the allotment of 170,589 Series B2 compulsorily convertible preference shares at US$23.1 each, with Unitary Fund taking the entire round. The company plans to use the money for working capital and general corporate purposes.
Why now? Jar had struggled to close a fresh round despite talks with several investors, including WestBridge CapitalDealroom has a profile for this one. Try Dealroom →, over a targeted $100 million raise. Those discussions appear to have fizzled out, making Unitary Fund's cheque a lifeline.
What could go wrong? The round lands amid regulatory scrutiny of the digital gold sector. Bengaluru Police registered a first information report against Jar over alleged unauthorised collection of money from users without required approvals, and the Karnataka High Court declined to quash it, allowing the investigation to continue.
Sources said the scrutiny has made investors warier of digital gold platforms. Following the report, larger fintech players such as GPayDealroom has a profile for this one. Try Dealroom →, PhonePe, and Paytm have pulled back from promoting digital gold.
By the numbers: Jar reported US$28.2M in operating revenue in FY25, with gross revenue near US$332.7M. It narrowed losses and claimed to have turned profitable in the second half of FY25.
What's the endgame? Jar lets users automate savings and invest in digital gold, and has expanded into jewellery via its NekDealroom has a profile for this one. Try Dealroom → vertical and into insurance. Sources said its direct-to-consumer jewellery brand is scaling rapidly.
Jar has raised more than $60 million to date. After the allotment, Tiger Global holds 9.60% and Unitary Fund 9.50%, while co-founders Nishchay Babu, Misbah Ashraf, and Prashant Priya hold 25.23%, 16.64%, and 7.40% respectively.
The signal: A small insider round at a higher valuation shows conviction from an existing backer, but the collapse of a far larger raise underscores how regulatory uncertainty is chilling outside capital across India's digital gold sector.
Read more: m.dailyhunt.in
