Jar enables users to invest in gold with minimum daily savings as low as ₹10 (about $0.11), targeting low- to middle-income Indians and first-time savers. The platform has attracted over 35 million registered users across 12,000 zip codes, with about 60% from tier-2 and tier-3 towns and more than 95% saving formally for the first time. Operating revenue from the core gold-saving app rose ninefold in fiscal 2024 to ₹2.08 billion (~$23.6M), while total revenue across business lines jumped to ₹24.50 billion (~$279.3M), driven by digital gold, jewelry sales via Nek, and third-party distribution fees. The company has become profitable and is pursuing an IPO next year.
"While many consumer fintechs focus on affluent urban users or credit products, Jar has gained traction by offering a culturally familiar asset - gold - as a low-barrier entry point to saving. The four-year-old startup targets low- to middle-income users -a segment often underserved by traditional financial institutions-by allowing them to save in gold for as little as ₹10 (about $0.11) a day."
"Jar's operating revenue - primarily from its core gold-saving app - grew ninefold in fiscal year 2024, which ended in March, to ₹2.08 billion (roughly $23.6 million), as disclosed in its latest filing. More dramatically, its total revenue across all business lines during that same period jumped to ₹24.50 billion (approximately $279.3 million), representing a 49-fold jump from ₹500 million ($5.7 million) in the previous financial year (FY24)."
Read at TechCrunch
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