Indian fintech Jar turns profitable by enabling millions to save in gold

TechCrunch
TechCrunch
3M ago
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Jar, an Indian fintech startup, has turned profitable by enabling millions to save in gold, targeting underserved low- to middle-income users.
Indian fintech Jar turns profitable by enabling millions to save in gold
A What happened
Jar, an Indian fintech startup, has successfully turned profitable by enabling millions of users to save in gold, a culturally significant asset in India. The company targets low- to middle-income individuals, allowing savings starting from just ₹10 (approximately $0.11) a day. With over 35 million registered users, predominantly from tier-2 and tier-3 cities, Jar has seen remarkable growth, with its operating revenue increasing ninefold in fiscal year 2024. The startup has diversified its offerings, including a jewelry platform, and has integrated its operations to manage gold directly. This vertical integration has allowed Jar to capture more value and expand its services, including digital payments through partnerships with major fintech firms. The app supports multiple languages and is designed to engage users through personalized experiences and gamification. With plans for an IPO next year, Jar has raised significant funding and is valued at over $300 million.

Key insights

  • 1

    User Base Growth: Jar has attracted over 35 million users, primarily from smaller cities.

  • 2

    Revenue Surge: Operating revenue grew ninefold in fiscal year 2024.

  • 3

    IPO Plans: Jar is planning to go public next year.

Takeaways

Jar's innovative approach to gold savings has positioned it for continued growth and success in the fintech sector.

Topics

Business & Markets Economy Startups/VC