Wealthtech startup Jar lowered its net loss by 15% to INR 103.97 crore in fiscal year 2023-24 (FY24) from INR 123 crore the previous year, owing to more sales and lower expenses.
Nischay AG and Misbah Ashraf founded Jar in January 2021, and it offers a smartphone app that allows users to spend as little as INR 1 in digital gold. It claims to have over 1.5 million users on its platform.
Revenue from operations increased by 461% to INR 49.03 crore in FY24, up from INR 8.73 crore in the previous fiscal year.
Including other income of INR 7.37 Cr, total revenue increased 277% to INR 56.41 Cr during the fiscal year under review from INR 14.93 Cr the year before. This comprises, among other things, interest income from banking deposits and capital gains from investment sales.