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PhonePe Partners Jar To Roll Out Daily Savings In Digital Gold

Inc42 · 9m ago

PhonePe Partners Jar To Roll Out Daily Savings In Digital Gold

PhonePe has introduced a new feature that allows users to save money in digital gold through small daily contributions. Users can start saving an amount as low as INR 10 up to a maximum of INR 5,000 each day. This new product aims to streamline the digital gold investment process and can be completed in under 45 seconds. Additionally, PhonePe reported an adjusted profit after tax of INR 197 Cr for FY24, a significant improvement from the previous fiscal year.

Related News

12 New-Age Investment Platforms Fuelling India’s Digital Gold Rush

Inc42 · 8m ago

12 New-Age Investment Platforms Fuelling India’s Digital Gold Rush

Digital payments giants initially dominated the gold marketplace, but newer players like Jar and Gullak have disrupted the model by offering unique gold investment options. This shift from physical to digital gold provides easier accessibility for investors, eliminating concerns about storage, insurance, and purity. In 2023, India emerged as the second-largest consumer of gold, with demand reaching approximately 747.5 metric tonnes.

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

Entrackr

Entrackr · 1m 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.

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.

Plus Gold raises $1.2 Mn led by JITO

Entrackr

Entrackr · 1y ago

Plus Gold raises $1.2 Mn led by JITO

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.

Jar’s revenue soars by 5.6X in FY24, marketing cost dips 57%

Entrackr

Entrackr · 8m ago

Jar’s revenue soars by 5.6X in FY24, marketing cost dips 57%

Indian fintech company, Jar, has seen substantial growth in operating revenue and a reduction in losses in the last fiscal year. The Tiger Global-backed gold savings platform reported a 5.6X increase in revenue, with a jump from Rs 8.7 crore to Rs 49 crore. Surprisingly, this growth occurred alongside a 57% reduction in marketing costs. Despite challenges faced during the pandemic, the company managed to improve its financial performance during this period.

Prosus in talks to lead new funding in fintech Jar; ups ante in new deal-making

Economic Times

Economic Times · 7m ago

Prosus in talks to lead new funding in fintech Jar; ups ante in new deal-making

Dutch investment firm Prosus is reportedly in advanced talks to lead a new funding round for fintech company Jar. This would be Prosus' third major investment in the Indian fintech sector, following investments in Mintifi and Vastu Housing Finance. Jar helps consumers save small amounts to invest in digital gold and has previously raised $61 million. The funding round, which aims to raise around $50 million, is still in the due diligence stage and other investors may join. Prosus has been increasing its investment activity in India despite the setback with its investment in Byju's.

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

Content curation platform Jar is expanding into peer-to-peer (P2P) lending with its new offering 'Jar Plus', in partnership with NBFC LenDenClub. The product has initially been rolled out for select users and aims to connect lenders with borrowers. The move is expected to help Jar improve its financial performance, as the company's losses increased to INR 122.8 Cr in FY23. Several other Indian startups, including CRED and BharatPe, have also entered the P2P lending space to diversify their revenue streams. The move comes as the Reserve Bank of India tightens regulations for the digital lending sector.

PhonePe faces its toughest challenge yet, despite its right to play approach

Money Control

Money Control · 1y ago

PhonePe faces its toughest challenge yet, despite its right to play approach

PhonePe, a leader in payments in India, has entered the equity investment space with the launch of its stock market investment platform, Share.Market. The move pits PhonePe against established players like Zerodha, Upstox, and Groww in the discount brokerage segment. While PhonePe has a large user base, it remains to be seen if it can compete effectively in the nuanced and complex world of equity investing. The company plans to gradually roll out new tools and features for traders and investors to differentiate itself in the market.

Meet The D2C Startups Dazzling India’s Jewellery Market

Inc42 · 8m ago

Meet The D2C Startups Dazzling India’s Jewellery Market

Summary: In India, traditional retail dominates the jewellery sales market, accounting for 85% of total sales. However, direct-to-consumer (D2C) startups are leveraging the digital revolution to carve out a space for themselves in the industry. Alongside gold and diamond jewellery, categories like daily wear and fashion jewellery have gained popularity among the masses. As the festive season and wedding season approach, these startups can expect an even greater surge in demand.

UPI transactions rise 4.4% in May to 18.68 Bn

Entrackr

Entrackr · 1m ago

UPI transactions rise 4.4% in May to 18.68 Bn

UPI transactions rise 4.4% in May to 18.68 Bn According to data released by the National Payments Corporation of India (NPCI), the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. Unified Payments Interface (UPI) continued its upward trajectory in May 2025 with 18.68 billion transactions, a 4.4% month-on-month (MoM) increase from 17.89 billion in April. The transaction volume also reflects a 33% year-on-year (YoY) growth. According to data released by the NPCI, the total transaction value in May stood at Rs 25.14 lakh crore, compared to Rs 23.95 lakh crore in April. This marks a 5% MoM jump, while on a YoY basis, the transaction value registered a 23% growth. The daily average transaction volume in May rose to 602 million, compared to 596 million in April. The daily average transaction value stood at Rs 81,106 crore, up from Rs 79,831 crore in the previous month. In March, UPI processed 18.30 billion transactions worth Rs 24.77 lakh crore, indicating that May’s performance has surpassed both the previous months in terms of volume and value. As of April, PhonePe continued to lead among UPI apps, followed by Google Pay, Paytm, Navi, and Super.money. PhonePe held the largest share with 46.73% of all UPI transactions, processing 8.36 billion transactions. Google Pay came next with a 36% share, handling 6.48 billion transactions. Together, PhonePe and Google Pay accounted for almost 83% of the total UPI transaction volume. Recently, gold-saving app Jar also entered the consumer payments space with a UPI app in partnership with Unity Small Finance Bank as the Payment Service Provider. Entrackr exclusively reported the development on May 29.

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