Bengaluru — Fintech startup Jar has reported a dramatic surge in its financial performance for the fiscal year ending March 2025, with operating revenue climbing ninefold to Rs 208 crore compared to Rs 23 crore the previous year. The growth was driven by the company’s strategic shift from acting as a distributor of digital gold to building its own vertically integrated gold platform. By owning the entire value chain, Jar was able to book the full value of sales as revenue rather than relying solely on commissions, pushing its total revenue to Rs 2,450 crore in FY25, up from just Rs 49 crore in FY24.
The company also narrowed its net loss, excluding employee stock ownership plan costs, to Rs 35.2 crore from Rs 104 crore a year earlier. Importantly, Jar turned profitable in the last two quarters of FY25, signaling a sustainable path forward. Founded in 2021, Jar began as a micro-savings app that allowed users to invest spare change into digital gold through UPI autopay. Over time, it expanded into jewellery via its direct-to-consumer brand Nek and ventured into insurance, broadening its appeal to India’s growing base of first-time savers.
Jar now claims more than 35 million registered users across 12,000 pin codes, with the majority being new to formal savings. Co-founder and CEO Nischay Ag described gold as the company’s strongest use case, noting that Indians have long relied on the precious metal as a trusted savings instrument. “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,” he said.
The startup counts Tiger Global, Arkam Ventures, WEH Ventures, and Tribe Capital among its investors. Earlier this year, Jar was in talks with Prosus for a new funding round, though discussions stalled over valuation differences. Ag emphasized that raising additional capital will only make sense if tied to a clear use case, such as acquisitions, major campaigns, or international expansion.
Jar’s success reflects a broader trend in India’s fintech sector, where gold is emerging as a powerful entry point for financial inclusion. With competitors like Cred also launching gold-saving features, the market is heating up. Yet Jar’s early lead, vertical integration, and profitability milestones position it as one of the most promising fintech stories in Asia.
