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● India’s leading gold savings app, Jar has helped over 20 million customers start their savings journey with just Rs. 10.
● Founded in 2021 by Misbah Ashraf and Nishchay AG, Jar empowers individuals to cultivate the habit of saving to achieve financial independence.
● Backed by leading investors like Tiger Global, Arkam Ventures, and Tribe Capital among others, Jar has raised $58 million in funding so far.
Hyderabad, March 27, 2024: Jar’s innovative approach to savings, combined with a user-friendly interface, simplified customer flow, and modern design has struck a chord with over 20 million users. The average Jar user saves approximately 22 times each month and the platform is now clocking over 1 million transactions every single day, solidifying Jar’s position as a market leader in the digital gold space.
Jar offers a streamlined investment journey that takes only 45 seconds, and customers can start saving from as little as Rs. 10, which they can invest in 24K, 99.9% pure digital gold. Digital gold represents physical gold that is securely stored in custodian-managed vaults. With Jar, users can save effortlessly and convert it to cash or receive physical gold at their convenience. Jar’s revolutionary round-off method effortlessly accumulates spare change from digital transactions and invests it in digital gold so users can save that extra bit every month.
The company’s remarkable growth has not gone unnoticed. Jar won in the Best WealthTech Startup category at the Global Fintech Awards 2023 and was even mentioned as being one of the top UPI auto-pay players in the country. Jar was also recognized by LinkedIn as one of India’s Top Startups of 2023.
In the last 3 years, Jar has truly made leaps and bounds in the digital gold space, having started with a simple thought. Traditionally, there have always been high entry barriers in savings and investing: a high ticket size to start investing, time to understand and get started, and the complexity of the financial products.
From humble beginnings in Hassan, Karnataka and Bihar Sharif, Bihar respectively, both Nishchay Ag and Misbah Ashraf had seen first-hand how middle India both earns and spends on a daily basis. They knew there was a gap in the market for a financial product that could help millions of people save better and get them started on their financial fitness journey.
That’s how Jar was born and, through Jar, these barriers of entry have been reduced significantly by leveraging the two most widely adopted financial tools in India – UPI and gold. Gold remains a popular investment in India, with over half the population (53%) choosing it. Now, a growing number of young investors are turning towards digital gold.
After getting a foothold in the digital gold space, Jar now plans to expand its offerings to include Lending, Investments and more to meet the needs of its ever-growing user base.