Jar to file for IPO after 9x revenue jump
Jar, a Bengaluru fintech startup, is planning to go public next year after a huge jump in revenue.
In FY2024, its operating revenue shot up nine times to ₹208 crore ($23.6 million), and total revenue—boosted by digital gold and jewelry sales on its Nek platform—soared 49 times to ₹2,450 crore ($279 million).
Jar helps users save money digitally in gold
Launched in 2021, Jar helps users—especially from smaller towns—save money digitally in gold starting at just ₹10 a day.
Over 95% of its customers are saving formally for the first time.
Since this year, Jar has taken gold purchase and storage in-house to improve profits.
The company has attracted $63.3 million from big investors
Jar's Nek jewelry platform adds about ₹100 crore ($11 million) annually to its earnings.
The company has attracted $63.3 million from big investors like Tiger Global and Tribe Capital and is valued close to $300 million.
Payments happen through UPI and AutoPay, while their multilingual app uses personalization and gamification to make saving feel easy—even fun—for new savers.