Jar spent Rs 137 Cr to earn Rs 9 Cr in FY23


After two years of its operations (until FY23), Tiger Global-backed gold savings platform Jar has managed to show some revenue. However, the company losses widened alarmingly and touched Rs 123 crore in FY23.

Jar’s revenue from operations stood at Rs 8.7 crore during FY23, according to its annual financial statements filed with the Registrar of Companies. It’s worth highlighting that the firm was in the pre-revenue stage during FY22.

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

Jar allows users to invest as low as Re 1 in digital gold and investors on the platform can convert their digital gold to physical gold anytime in the form of coins or jewelry with the help of the company’s partners. Commission earned from the platform is the primary source of revenue for Jar in the last fiscal.

This was the period when Jar scooped up $22.6 million led by Tiger Global.

As the company invested heavily in brand building, advertising turned out to be the largest cost center for Jar accounting for 49% of the overall expenditure. This cost surged by 47.8% to Rs 68 crore in FY23 from Rs 46 crore in FY22. 

The firm roped in bollywood celebrities such as Prakash Raj, Nana Patekar and Nawazuddin Siddiqui as its brand ambassador during FY23.

Expense Breakdown

Total ₹ 70 Cr
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Total ₹ 138 Cr
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  • Employee benefit expense
  • Advertising promotional expenses
  • Web hosting and domain
  • legal and professional fees
  • Others

Its employee benefits, web hosting and domain, legal cum professional, and payment gateway charges are other operating expenses which catalyzed its overall cost by 96.43% to Rs 137.5 crore in FY23 from Rs 70 crore in FY22.


FY22 FY23
EBITDA Margin -9324% -830%
Expense/₹ of Op Revenue ₹90.91 ₹15.80
Roce -48% -75%

A bare minimum revenue and elevated cost led the Jar’s losses to surge by 78.3% to Rs 123 crore in FY23 from Rs 69 crore in FY22. Its ROCE and EBITDA margin stood at -75% and -830%. On a unit level, it spent Rs 15.80 to earn a unit of operating revenue during FY23.

According to the startup intelligence platform TheKredible, Jar has raised over $60 million to date and is valued at around $325 million. Prashant Priya is the largest external shareholder with 10.78% followed by Tiger Global and Unitary Fund. Its co-founders Nischay Babu AG and Misbah Ashraf cumulatively command 44.96% ownership in the company they founded in 2021.

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