Earlier, the digital investment app relied on Safegold, a platform for buying, selling, and storing 24-carat gold, and acted largely as a distributor. Over the past year, Jar has built its own gold stack, enabling it to sell directly to consumers and book the entire value of sales as revenue rather than just commissions, which led to the sudden jump in revenue.
This shift saw its total revenue climb to around Rs 2,450 crore in FY25, up from Rs 49 crore in FY24.
Operating revenue represents the margin and commissions Jar earns on transactions and services, while total revenue reflects the gross value of gold sales booked after integrating its own stack.
The company narrowed its net loss, excluding employee stock ownership plan (Esop) costs, to Rs 35.2 crore in FY25 from Rs 104 crore a year earlier.
Founded in 2021, Jar offers micro-savings through UPI autopay and has expanded into jewellery via direct-to-consumer brand Nek and insurance. The platform claims over 35 million registered users across 12,000 pin codes, with the majority being first-time savers. Through Nek, consumers can buy jewellery directly from Jar.
“Gold happens to be the strongest use case and Jar is simply proving that. That’s how Indians love to save, and we are just taking that product to more and more Indians with every passing day,” said Nischay Ag, cofounder and CEO of Jar.
The startup counts Tiger Global, Arkam Ventures, WEH Ventures and Tribe Capital among its investors. It was in talks earlier this year with Prosus, the Dutch-listed investment arm of Naspers, to lead a new funding round.
However, discussions fell through over differences on the company’s valuation.
Ag said the company is still evaluating a fresh fundraise as it looks to identify the right use case for additional capital.
“We still have to evaluate this (raising new funds) and I need to weigh my options. Raising additional capital only makes sense if there’s a right use case. I need to identify the right opportunity, probably like I am acquiring someone, or I will be doing a big campaign, or going international. Until then, we’d prefer to keep our heads down and focus on execution,” said Ag.
Gold as a savings product is drawing rising interest from fintech firms. Recently, Kunal Shah’s Cred began offering a gold-savings feature that allows users to invest in the asset.