Jar Transforms Gold Savings For Indians With A User-Centric Approach

*        A micro-saving platform targets users in the 18-35 years age group

*        Backed by leading investors like Tiger Global, Arkam Ventures, and Tribe Capital among others, Jar has raised $58 million in funding so far.

*        The platform currently boasts 20 million users, with over 5 million users actively engaging with the platform each month.

Jar, an innovative micro-savings app, is transforming gold and gold investments in India through its customer-focused digital platform. By prioritizing simplicity and accessibility, Jar has made saving and investing in gold a seamless experience for users across the country.

Starting with just over 6 million users in FY 22, Jar more than doubled its user base to exceed 14 million in FY 23. Now, in FY 24, the platform has reached an impressive milestone of 20 million users. This rapid expansion underscores the app's widespread appeal and effectiveness. Jar’s current customer base has a gender split of 85% male and 15% female users. At the core of Jar's success is its unwavering commitment to user experience. Every aspect of the platform is meticulously crafted with the customer's needs and preferences in mind, ensuring that saving and investing in gold is as intuitive and user-friendly as possible.

"At Jar, we’ve streamlined the investment process to take just 45 seconds, allowing users to start saving with as little as Rs. 10 in 24K 99.9% pure digital gold. This innovative approach leverages the UPI 2.0 framework and our round-off method, acting like a digital piggy bank to facilitate effortless savings," said Nishchay AG, Founder and CEO, Jar. "By significantly lowering entry barriers with user-friendly tools and simplifying the savings journey, we empower customers across India to start their financial journey with trust and confidence."

Customer testimonials highlight the real-world impact of Jar's services. Sharing his experience on Jar, Shivraj, a farmer from Karnataka, says, "Jar has this remarkable feature of daily savings, like a digital piggy bank. It deducts small amounts from my bank account, ranging from ?30 to ?500. The money is there for me whenever an emergency arises. When I needed to pay my children’s school fees, I could withdraw my savings as gold or cash. I chose cash, and this flexibility is one of the key reasons I use this app."

Young Indians typically enter the workforce at 21, but often delay thinking about savings and investments until they're around 30, largely due to financial literacy gaps and ongoing obligations. Despite this, the 18-35 age group is characterized by high aspirations and digital fluency. Jar has identified this opportunity, creating a platform that aligns with their digital lifestyle. By offering an intuitive, unobtrusive method for saving and investing, Jar meets these young consumers where they are. The platform extends beyond basic savings, incorporating flexible financial services such as lending and insurance.

For Vidhi Doshi, a venture capitalist from Bangalore, Jar provided a comfortable option to diversify her investments. "I was not really interested in jewellery, making digital gold a viable option to invest in the metal, which is a very good asset class. When I came across Jar, the idea of investing that spare change stuck by e," she said. "Gold rates can fluctuate, but the convenience and security of saving with Jar give me peace of mind."

Jar is a Bangalore fintech company founded in 2021 by Nishchay Ag & Mishab Ashraf. Through its focus on customer needs and providing essential financial tools, Jar is enhancing individual financial health and contributing to a more financially resilient society.