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Jar Turns Profitable

Twitter · 6m ago

Jar Turns Profitable

Agnishwar Jayaprakash, founder of the Jar app, recently announced that the company has achieved profitability. He emphasized that this milestone was reached without compromising on growth, highlighting the team's dedication and strategic approach. Jayaprakash also expressed gratitude to the users and investors who have supported Jar's journey. This achievement underscores the company's commitment to sustainable financial practices while continuing to expand its services.

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Indian fintech Jar turns cash-flow positive

TechCrunch · 6m ago

Indian fintech Jar turns cash-flow positive

Indian fintech startup Jar has become cash-flow positive, confirmed by a company executive. The three-year-old firm, backed by Tiger Global, achieved this milestone while expanding significantly last year. This shift towards profitability aligns with a trend among Indian startups preparing for IPOs by improving financials and reducing expenses. Jar has diversified its services by adding lending and online jewelry sales, the latter generating annualized sales of $13 million. The startup is also reportedly seeking $50 million in new funding.

Jar Set To Foray Into P2P Lending Space, Tests Product For Select Users

Inc42 · 1y ago

Jar Set To Foray Into P2P Lending Space, Tests Product For Select Users

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Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

Entrackr

Entrackr · 2m ago

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank Jar’s integration with BharatPe’s TSP platform enables smooth UPI payment processing, while Unity Small Finance Bank facilitates the banking operations required for these transactions. Jar has entered the UPI Third-Party Application Provider (TPAP) services in collaboration with BharatPe as the Technology Service Provider (TSP) and Unity Small Finance Bank as the Payment Service Provider (PSP). According to the National Payments Corporation of India (NPCI) website, Jar will use the UPI handle @jarunity. Jar allows users to invest in digital gold and investors on the platform can convert their digital gold to physical gold anytime in the form of coins or jewelry with the help of the company’s partners. According to the startup intelligence platform TheKredible, Jar has raised over $60 million to date, with a valuation of approximately $325 million. Co-founders Nischay Babu AG and Misbah Ashraf collectively hold a 44.96% ownership stake in the company. Jar’s revenue from operations jumped 5.6 fold to Rs 49 crore in FY24 from Rs 8.7 crore in FY23. During FY24, its total expenditure grew 16.26% to Rs 60.38 crore. Jar has not yet filed its annual report for FY25, but according to its CEO, the company has achieved profitability—though exact figures were not disclosed. In an earlier social media update, he shared that Jar’s annualised revenue run rate (ARR) surged from Rs 23 crore in December 2023 to Rs 270 crore by December 2024. Jar will join the likes of BharatPe, Flipkart UPI, Fampay, Fi Money, Freo, INDmoney, and Super.money, all of which have entered the consumer payments space via UPI since January 2024.

Twitter India Turns Profitable In FY23

Inc42 · 1y ago

Twitter India Turns Profitable In FY23

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KorinMi raises ₹3 crore, turns profitable, expands D2C & clinics

Inshorts · 3m ago

KorinMi raises ₹3 crore, turns profitable, expands D2C & clinics

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Bottomline: VC-backed fintech startup Olyv doubles revenue, turns profitable

VCCircle

VCCircle · 1y ago

Bottomline: VC-backed fintech startup Olyv doubles revenue, turns profitable

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Spotify’s podcast bet turns into a serial drama

Livemint

Livemint · 1y ago

Spotify’s podcast bet turns into a serial drama

Spotify is grappling with losses in its podcasting venture, with most of its shows reportedly unprofitable. The company spent heavily to secure exclusive deals and create original content but is now struggling to generate significant profits in the podcasting space. Despite an increase in podcast listeners, Spotify faces stiff competition and rising production costs. The company is under pressure to make its podcast business profitable by 2024 and has been restructuring its podcasting efforts by cutting staff and focusing on exclusive and high-impact shows.

Blinkit quarterly contribution margin turns positive first time ever

Economic Times

Economic Times · 1y ago

Blinkit quarterly contribution margin turns positive first time ever

Blinkit, Zomato's quick commerce arm, reported its first-ever positive contribution margin, with a 1.3% margin as a percentage of gross order value (GOV) in the latest quarter. Zomato also remained profitable for the second consecutive quarter, earning Rs 36 crore for the quarter ended in September 2023. Blinkit aims to break even in the quick commerce business by the first quarter of FY25. The company reported an increased average order value (AOV) and growing GOV, signaling its expansion in the quick commerce sector.

Jar spent Rs 137 Cr to earn Rs 9 Cr in FY23

Entrackr

Entrackr · 1y ago

Jar spent Rs 137 Cr to earn Rs 9 Cr in FY23

Gold savings platform Jar, backed by Tiger Global, showed revenue of Rs 8.7 crore in FY23, up from being in the pre-revenue stage in FY22. However, the company's losses widened to Rs 123 crore. The largest cost center was advertising, which accounted for 49% of the expenditure, surging by 47.8% to Rs 68 crore in FY23. Jar had invested heavily in brand building and hired Bollywood celebrities as brand ambassadors in FY23. The company has raised over $60 million and is valued at around $325 million.

Arya.ag near Rs 300 Cr revenue in FY23; turns profitable

Entrackr

Entrackr · 1y ago

Arya.ag near Rs 300 Cr revenue in FY23; turns profitable

Arya.ag, an agritech startup, raised $60 million before the start of FY23. The company achieved 50% growth and turned profitable in the last fiscal year, with revenue from operations increasing by 50% to Rs 290 crore. Income from storage and warehousing accounted for 68% of the revenue. The company's expenses grew by 43.9%, leading to a profit of Rs 7.5 crore. Arya.ag is valued at $300 million, with Aspada Investment being the largest stakeholder. The company competes with the likes of Farmart, Dehaat, Ninjacart, and Bijak.

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