Canan Indian fintech startup that allows users to invest in gold, makes you profitable by helping Healps millions of first-time savers use their apps to build digital gold holdings.
While many consumer fintechs focus on wealthy urban users or credit products, JAR gains appeal by providing culturally familiar assets (gold) as low-barrel entry points for savings. The four-year-old startup aims to low- to middle-income users (usually part of traditional financial institutions’ services), which is by allowing them to save 10 rupees (about $0.11) a day in gold.
Co-founder and CEO Nishchay AG said in an interview that the strategy has helped JAR attract more than 35 million registered users in 12,000 postal codes. He told TechCrunch that about 60% come from smaller towns in India (called Tier-2 and 3 towns), and more than 95% of users officially save 95% for the first time.
The startup’s financial situation reflects the momentum, with two sources familiar with the matter telling TechCrunch that it even plans to be public next year. Sources said investment bankers are interacting with the startup IPO.
These bankers have a compelling growth story. JAR’s operating revenue (mainly from its core gold application) grew nine times in March of the fiscal year 2024 to reach 208 crore rupees (approximately US$23.6 million), as shown in its latest filing. More obvious is that the total revenue of all business lines jumped to Rs 24.5 billion (approximately US$279.3 million) during the same period, which is 49 times the Rs 500 million (US$5.7 million) in the previous fiscal year (FY24).
This total revenue figure includes digital gold transactions, jewelry sales through its NEK platform, and fees for third-party distribution partnerships (similar to Zillow, Square and Deliverho Hero Report Report Report Report Report Report Report Report Reports combined revenue, which includes total transaction value and its core business revenue as well as its core business revenue).
Jewelry components are a considerable part of this diversified approach. Nek emission Earlier last year, gold, silver, diamonds and lab-grown diamond jewelry were available in over 8,000 postal codes. This platform can be used in droplet models with zero inventory. Nishchay said it had revenues of over Rs 1 billion (about $11 million) last year and has been growing steadily since then. ”
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Nishchay told TechCrunch that JAR has been taxed again for two consecutive quarters.
This growth is linked to the company’s bets in new directions. Until last year, JAR mainly acted as a distribution platform that works with third-party digital gold providers – essentially a middleman. Since then, it has vertically integrated its operations, establishing an internal technology stack to directly purchase, store and manage gold, while BDO acts as its legal auditor and serves as its custody partner. By controlling the entire value chain, JAR can now capture larger value chains of gold and even distribute its gold through third-party platforms, including Walmart-owned fintech company phone.
Earlier this year, startups in Bangalore cooperate Both Bharatpe and Unity small financial banks can make digital payments to individuals and merchants directly through the JAR application using India’s Unified Payment Interface (UPI) system. UPI is India’s major digital payment network that allows instant bank-to-bank transfers using smartphones. The move opens up new revenue streams, aiming to increase user engagement and retention by expanding the app’s utility rather than just savings.
JAR is also an early adopter of UPI Autopay, a feature launched by the Indian government in 2020 to enable repeated payments on the UPI platform. The feature helped the startup, which only supports UPI-based payments that can drive repeat transactions for users, according to sources familiar with the matter.
When asked how UPI Autopay contributes to the company’s growth, Nishchay said: “Save daily is our hero feature, and that’s what most of our users use it for.”
The app serves a diverse user base. Jar’s user base spans a wide range of areas, from skilled professionals, manufacturing to small business owners and daily wage workers such as electricians, plumbers, carpenters and construction workers. The app supports nine Indian languages, which the company says helps you meet users at education and income levels.
The startup also designed its app to give users a personalized experience through gamification and nudging and encouraging savings.
“Growth teams always identify consumers based on many attributes and data signals, which is based on the phone you are using, where the phone you are operating, from which language you are operating, and your consistent save mode and all of these things they are considering,” Nishchay said.
The startup counts Tiger Global, Tribe Capital, Arkam Ventures and Weh Ventures among its investors. To date, it has raised $63.3 million in funding Every Tracxn, last time worth more than $300 million.
