Wealthtech Startup Jar Halves FY25 Loss To INR 50.5 Cr

Tiger Global-backed wealthtech startup Jar managed to slash its consolidated net loss by half to INR 50.5 Cr in the financial year 2024-25 (FY25) from INR 104 Cr in the previous fiscal year.

The startup’s revenue from operations zoomed 50X to INR 2,447.8 Cr during the year under review from INR 49 Cr in FY24 due to certain accounting changes in FY25. 

Notably, Jar forayed into the ecommerce jewellery segment under the brand Nek in October last year.

Earlier, Jar earlier acted as a distributor (or intermediary) and booked only the commission or margin it earned on each gold transaction. However, after becoming a principal in FY25, effectively owning the full value chain, accounting standards mandate the startup to record the entire value of gold sold as revenue.

This change, from merely recognising commissions to recording the full transaction value, naturally led to a sharp jump in reported revenue during the fiscal under review. 

Including the other income of INR 2.9 Cr, Jar’s total income soared 43.4X YoY to INR 2,450.7 Cr in the fiscal under review.

“The total transactions clocked in the year ended March 2025 also grew by ~221% from the previous fiscal year,” the startup said in its RoC filing. 

While gold savings remain its core acquisition engine, the wealthtech startup said that it plans to further monetise its existing user base by cross-selling various financial products like lending. 

“Over the course of the next financial year, we will be operational across all three pillars of financial fitness by offering diversity in asset classes to invest in, flexible credit options, and simplistic insurance offerings,” it added.

Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar operates a digital gold-focussed investment platform that allows users to invest as little as INR 10 in digital gold. It claims to serve more than 35 Mn users across 12,000 pin codes. Jar uses UPI Autopay to deduct a fixed amount from users’ accounts to add in their savings.

The Bengaluru-based startup has raised over $111 Mn in funding to date and counts the likes of Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures among its investors. It last raised $22 Mn in its Series B funding round at a post-money valuation of $300 Mn. 

It is pertinent to note that Jar, in September, claimed that it achieved profitability in the first two quarters of 2025 (Q4 FY25 and Q1 FY26). However, it didn’t disclose numbers. 

It also said that it managed to reduce its loss before ESOP expenses by over 50% to INR 35.3 Cr in FY25. As per the filing, Jar’s ESOP expenses stood at INR 14.6 Cr during the year as against INR 24.5 Cr in FY24. 

Zooming Into Jar’s Expenses

The startup’s total expenses zoomed 15.6X to INR 2,501.2 Cr from INR 160.4 Cr in FY24. Here’s a breakdown of the key expense heads:

Purchase Of Traded Goods: This was the biggest cost for the company and accounted for 93% of the overall expenses. The fintech startup spent INR 2,333.6 Cr under this head in FY25, up 7,938% YoY.

Employee Benefit Expenses: Jar spent INR 71.4 Cr towards employee benefits in FY25, up 3.9% from INR 68.7 Cr it spent last fiscal. 

Web Hosting & Domain Charges: The spending under this bucket rose 88.7% to INR 26.6 Cr from INR 14.1 Cr in FY24.

Advertising & Marketing Expenses: Jar spent INR 48.5 Cr on promotional expenses in FY25, up 65.7% from INR 29.3 Cr in FY24.

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