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

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.