Indian fintech Jar turns profitable by enabling millions to save in gold
Jar, the fast-growing savings app, has hit profitability — a major milestone for the startup. Indian fintech Jar turns profitable by enabling millions to save in gold, tapping into a culturally familiar habit that resonates with India’s mass market.
Unlike most consumer fintechs that focus on credit or premium banking, Jar’s strategy is simple: empower everyday Indians to save as little as ₹10 (about $0.11) daily in digital gold. This low barrier has attracted first-time savers from underserved communities.
From ₹10 savings to 35 million users
Jar’s model appeals to India’s low- to middle-income population, a segment often excluded from formal finance. With over 35 million registered users across 12,000 zip codes, the app has unlocked savings for those outside major metros.
Co-founder and CEO Nishchay AG shared that over 60% of Jar’s users are from tier-2 and tier-3 towns, and more than 95% are saving formally for the very first time. This grassroots adoption is fueling Jar’s momentum.
Explosive growth and IPO ambitions
Jar’s financials reflect its massive growth story. According to its latest filings:
-
Operating revenue grew ninefold in FY24 to ₹2.08 billion ($23.6M).
-
Total revenue surged 49x to ₹24.50 billion ($279.3M).
-
Revenue streams include gold savings, jewelry sales, and third-party partnerships.
Two sources revealed that Jar is even eyeing a public listing as early as next year. Investment bankers are reportedly engaging with the startup for an IPO pitch.
Beyond savings: Expanding with jewelry sales
Jar is not just about gold savings anymore. Its jewelry marketplace, Nek, launched last year and has become a key revenue driver. Nek sells gold, silver, diamond, and lab-grown diamond jewelry across 8,000+ zip codes using a drop-shipment model.
The platform crossed ₹1 billion ($11M) in annual revenue last year and continues to scale steadily, according to Nishchay. This diversification strengthens Jar’s financial position while keeping gold at the center of its brand.
Why Jar’s success matters
Gold has always been India’s trusted savings vehicle. By digitizing this cultural tradition, Jar has made saving accessible to millions who were previously excluded.
The fact that Indian fintech Jar turns profitable by enabling millions to save in gold shows the potential of fintech solutions designed for everyday people, not just urban elites. With profitability, IPO ambitions, and diversified revenue streams, Jar could become one of India’s most influential fintech success stories.
إرسال تعليق