Indian fintech startup Jar, which allows users to invest in gold, has become profitable by enabling millions of first-time savers to build digital gold holdings. The company focuses on low- to middle-income users, allowing them to save in gold for as little as $0.11 a day.
Co-founder and CEO Nishchay AG said, "About 60% of users are from India’s smaller cities and towns (known as tier-2 and tier-3 towns), and more than 95% are saving formally for the first time." The company’s operating revenue grew ninefold in fiscal year 2024 to $23.6 million, while total revenue across all business lines jumped to roughly $279.3 million. The jewelry platform alone generated approximately $11 million in annual revenue.
Jar’s recent growth stems from vertical integration, as it now purchases, stores, and manages gold in-house, allowing greater control and broader distribution through platforms including PhonePe. The startup also expanded its offerings to digital payments through partnerships with BharatPe and Unity Small Finance Bank, using India’s UPI system.
Nishchay noted, "Daily savings is our hero feature, and that’s what most of our users use it for." Serving users across professions and income levels with support for nine Indian languages, Jar enhances engagement with personalized experiences and gamification. The company has raised $63.3 million to date from investors including Tiger Global and Tribe Capital, with a valuation above $300 million.
