SUMMARY
- Jar’s revenue from operations soared 5.6X to Rs 49 crore in FY24.
- Its total expenses grew by 16.26%, reaching Rs 160.38 crore.
- The fintech managed to reduce its losses by 15.47% to Rs 103.97 crore in FY24.
Gold savings platform Jar‘s revenue from operations soared 5.6X to Rs 49 crore in FY24, up from Rs 8.7 crore in FY23, as per the company’s consolidated annual financial statement filed with the Registrar of Companies (RoC).
Tiger Global-backed Jar operates as a digital financial services platform, generating revenue from both transactions and the sale of gold. The company’s revenue was primarily derived from two sources: the sale of traded goods (gold), which contributed Rs. 27.24 crores (55.6% of total revenue), and commission income, which accounted for Rs. 21.78 crores (44.4% of total revenue).
Additionally, Jar earned Rs 7.4 crore from interests and savings in FY24, resulting in a total income of Rs 56.41 crore.
Being a growth-oriented fintech, employee benefits were the largest expense for Jar in FY24, accounting for 42.8% of their total costs. This expense increased by 66.8% YoY, reaching Rs 68.7 crore in FY24. Out of the Rs 68.7 crore, Rs 26.8 crore was incurred as a non-cash expense for employee stock options (ESOPs).
Jar reduced its aggressive marketing efforts, leading to a 57% decrease in marketing expenses to Rs 29.27 crore. The company also spent Rs 22.7 crore on materials, rent, and other related expenses. Its total expenses grew by 16.26%, reaching Rs 160.38 crore.
The fintech has managed to reduce its losses by 15.47% to Rs 103.97 crore in FY24. Its ROCE and EBITDA margin stood at -121.79% and 180.68%, respectively. On a unit basis, Jar spent Rs 3.27 to earn a Rupee of operating revenue in FY24.
Jar has raised over $60 million to date, with a valuation of around $325 million. Nischay Babu AG and Misbah Ashraf, the co-founders, collectively hold a 44.96% ownership stake in the company.
