Tiger Global-backed Jar's revenue rises to Rs 56 crores in FY24, losses down by 18%

While Jar has recorded a consolidated loss after tax, its cash loss has come down by nearly 27 percent to Rs 77.49 crore

Tiger Global-backed gold savings platform Jar has clocked a consolidated revenue of Rs 56.4 crore in the financial year ended March 2024, a surge of around 278 percent year-on-year as against Rs 15 crore clocked during the last financial year, showed the company's Ministry of Corporate Affairs filings.

The firm has clocked a consolidated loss of Rs 104 crore, which has come down by 18.26 percent compared to FY22 losses of Rs 137 crore. Total expenses during FY24 has gone up by 16.7 percent to Rs 160 crore.

While the firm has recorded a consolidated loss after tax, its cash loss has come down by nearly 27 percent to Rs 77.49 crore. The company's non-cash expenses like depreciation and amoritisation amounted to Rs 26.48 crore.

Industry sources told Moneycontrol that the 200 percent jump in revenue can be attributed to Jar's core business from gold savings product, lending as well as its direct-to-customer brand Nek. However, Nek has been operational only from the last three months.

Also Read: Tiger Global-backed savings startup Jar to foray into digital lending business

Out of the total expenditure of Rs 160 crore, employee benefit expenses amounted to Rs 68.7 crore and other expenses which includes marketing and advertising amounted to Rs 63.2 crore.

The Jar app was founded in 2021 by Nishchay AG and Misbah Ashraf, and is built on the idea of helping Indians make investing a habit.

In February of 2022,  the startup bagged $32 million in Series A funding led by US investment firm Tiger Global.

The Jar app, which can be allowed to look at the transaction history, rounds up an individual’s daily spending and puts some money aside as an investment. Users’ investments in digital gold is backed by physical gold of the same amount and they can choose to withdraw that much gold or liquidate their investments at any time. The company partners with PhonePe and Safegold for helping users invest.