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Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2

EntrackrEntrackr · 3m ago
Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2
Medial

Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2 Savings app Jar has reported strong growth in FY25, reaching an operating revenue of Rs 208 crore during the fiscal year ending March 2025. The surge in scale came after the company vertically integrated its gold stack, which pushed its gross revenue to Rs 2,450 crore during the period. Vertical integration implies owning and operating several stages of the gold value chain. The Bengaluru-based startup also reduced its net losses (excluding ESOP costs) to Rs 35.23 crore and turned fully profitable in the last two consecutive quarters from January to June 2025. Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar has built a base of over 35 million registered users across 12,000 pin codes, with more than 95% of its users being first-time savers. Jar leverages UPI Autopay to automate savings and has expanded into jewellery through its vertical Nek and forayed into insurance offerings. The startup has raised over $60 million with a valuation of approximately $325 million, backed by investors like Tiger Global, Arkam Ventures, Tribe Capital, and WEH Ventures.

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

EntrackrEntrackr · 7m ago
Exclusive: Jar enters UPI payments through BharatPe and Unity Bank
Medial

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.

Jar in talks to raise $100 Mn led by Westbridge

EntrackrEntrackr · 6d ago
Jar in talks to raise $100 Mn led by Westbridge
Medial

Bengaluru-based fintech startup Jar is in advanced discussions to raise over $100 million in a new funding round led by Westbridge, according to three sources aware of the details of the transaction. “The discussions are at an advanced stage and the company has received a term sheet which will value Jar in the range of $500-550 million,” said one of the sources requesting anonymity. “Kotak Investment Banking has been appointed as the banker for the transaction.” The proposed fundraise comes on the back of a strong financial performance by the company. In FY25, Jar reported Rs 208 crore in operating revenue. The company also turned profitable in the second half of FY25 and posted profits in two consecutive quarters, as reported by Entrackr. “The discussions have been ongoing for the past several months. If nothing goes wrong at the last moment, the deal will come through in the next 4 to 6 weeks,” said another source, who also requested anonymity. Queries sent to Jar and Westbridge on Monday remained unanswered, while Kotak did not respond to queries sent on Thursday until the story was published. Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar operates a micro savings platform that allows users to invest spare change automatically into digital gold through UPI. It claims to have over 35 million registered users across more than 12,000 pin codes, with a large share of first-time savers. Over the past year, Jar has expanded beyond digital gold into jewellery through its Nek brand and has also entered insurance distribution. Jar has raised multiple funding rounds since inception. In August 2022, it raised $22.6 million in a Series B round led by Tiger Global at a valuation of over $300 million. Other notable investors include Arkam Ventures, Tribe Capital and WEH Ventures.

Plus Gold raises $1.2 Mn led by JITO

EntrackrEntrackr · 1y ago
Plus Gold raises $1.2 Mn led by JITO
Medial

Gold investment app Plus Gold has raised $1.2 million in a seed funding round led by JITO along with participation from Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, Misfits among others. The proceeds will be deployed to raise its tech infra, improve user experience, strengthen security, and develop AI-driven investment advisory features, Plus Gold said in a press release. Founded in May 2022 by Veer Mishra and Raj Parekh, Plus Gold offers gold investments through Systematic Investment Plans (SIPs) or one-time transactions. It enables users to redeem their digital gold investments as physical jewellery at any time. According to the Bengaluru-based company, it weeds out barriers in traditional gold investment, such as storage, purity assurance, and liquidity issues. A part of the proceeds will also be used for hiring engineers, customer service executives and others. Plus Gold is operating in a crowded market as a bunch of well-funded companies have been operating in the space. At present, the online gold investment segment is dominated by PayU and Alpha Wave-backed Indfiagold, Rupeek, Oro Money and Tiger Global investee Jar among others. Large fintechs including PhonePe also added gold buying offering to their app.

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