"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)."
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.
Read at TechCrunch
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