Jar Success Story: The First Online Digital Micro Saving App

Introduction

Jar, a new startup, is gaining a lot of popularity lately. The startup has been in the news for its rapid success. It is an India-based micro gold savings app that helps develop saving and investment habits among people. The innovative idea of the startup is the reason behind its rapid success and popularity.

Established in 2021, the Jar app has more than 4.7 million users on its platform. Let's take a closer look to learn more about this new and innovative startup and its success.

The Digital Piggy Bank 

The platform offers people a digital space to save money and invest it in gold in an innovative way. Jar aims to encourage young people in India to save money every day. It's a new way to encourage saving and investing habits using technology. Like a piggy bank, users can save small amounts daily and invest directly in gold.

Jar the First Online Digital Saving Company

It's the first online platform with an innovative idea of everyday saving and investment. The platform's main goal is to eliminate the fear and barriers of investment for every Indian. It simplifies gold investment for every user by introducing the concept of small daily investments. Anyone can start investing with as little as a few rupees each day and begin their investing journey.

Starting Up Struggles

The startup is gaining a lot of popularity and success, but the journey was not easy. The founder of Jar faced several failures before starting the fintech app. Misbah Ashraf, the founder of Jar, always dreamed of achieving something significant in his life. He dropped out of college and started his first company, "CIBOLA," with his friends. However, the company did not perform well.

Despite this setback, Misbah didn't lose faith. He started his second company, Marsplay, a fitness startup. Initially, it did well, but later, due to the pandemic, the business collapsed. This failure was tough for Misbah, but he didn't accept defeat. He stood up again and founded his third company, "Jar," with Nishchay Agarwal. The concepts and lessons learned from past failures made Misbah's third startup a huge success.

How Jar Works

Jar is an online saving and investment platform that allows users to start their gold investment journey with as little as Rs. 10 every day. Additionally, whenever a user makes an online payment, a small round-off amount is added to their savings.

The round-off amount is the nearest 10 of the transaction amount. For example, if a user recharges their phone number for Rs. 98, the Jar app automatically invests Rs. 2 from the user’s account in digital gold.

Users have full control of their savings. They can set up a daily savings mandate on the app to put an upper limit on daily savings. They can also stop the savings at any point and either withdraw the amount or receive physical gold.

Jar’s Primary Revenue Models

The platform doesn’t charge any amount from its users. It provides all services to users for free. The main source of revenue comes from the commission charged by the supply-side partners.

Jar – Growth

• The company has catered to over 4.7 million users.

• There has been approximately a 20 per cent increase in users' savings month-on-month.

• The app processes over 150,000 daily transactions.

Jar - Funding and Investors

The company has raised a total of $111.7 million funding from the 5 funding rounds:

Tiger Global Management (Aug 18, 2022): $22.6M (Series B)

Undisclosed (Jul 21, 2022): Rs 205M (Series A)

Tiger Global Management (June 2, 2022): $50M (Series B)

Tiger Global Management (Feb 3, 2022): $32M (Series A)

Arkam Ventures, Tribe Capital, WEH Ventures (Aug 31, 2021): $4.5M (Seed Round)

Future Plans of Jar 

In future, the company plans to expand its platform by adding more services, including lines of credit, insurance, and various other financial services. The company aims to provide these additional services to users in the simplest way possible.

Competitors

The major competitors of the company are:

• Bitpanda

• SimpleNexus

• Edge

Conclusion

The company is making saving and investing easier for everyone with its unique and innovative ideas. It has many more services planned to add to its offerings. The company's fast growth proves that with determination and hard work in the right direction, success is certain. Jar, the digital saving platform, is set to achieve even greater success in the future.

Click Here to Unlock the secrets of success by exploring our inspiring Success Stories - Real People, Real Challenges, and Real Triumphs that will motivate you to achieve your dreams!