Tiger Global–backed wealthtech startup Jar has posted a landmark financial performance for FY25, halving its consolidated net loss while reporting a headline-grabbing surge in revenue on the back of a major accounting shift and full-stack integration of its gold operations. The Bengaluru-based fintech—which popularised micro-savings in digital gold—has now positioned itself among the rare breed of venture-backed Indian fintechs to achieve profitability within four years of inception.
Jar FY25 Results
Jar’s revenue from operations jumped from INR 49 crore in FY24 to INR 2,447 crore in FY25, a nearly 50X jump in reported revenue. This dramatic spike, however, reflects a structural change in revenue recognition rather than a comparable surge in core business earnings.
Until FY24, Jar operated as an intermediary, booking only the commission or margin it earned on each gold transaction. In FY25, the company executed a vertical integration of its gold value chain—building its own digital gold stack, assuming principal risk, and becoming the direct seller rather than a distributor.
Under Ind AS 115 and IFRS 15, principals must book the gross value of goods sold as revenue. This shift transformed revenue reporting: the entire value of gold sold is now recognised, inflating top-line numbers while keeping underlying unit economics largely steady.
Jar’s operating revenue on a comparable basis (i.e., excluding gross booking value effects) stood at INR 208 crore, a ninefold year-on-year increase, indicating meaningful operational growth even without accounting for technicalities.
Including other income, Jar posted total income of INR 2,450.7 crore, up 43X year-on-year.
Losses Cut in Half; Core Business Turns Profitable
Jar FY25 results reported a consolidated net loss of INR 50.5 crore for FY25—down sharply from INR 104 crore in FY24.
Excluding ESOP costs, losses dropped further to INR 35.3 crore, also more than halved year-on-year. ESOP expenses themselves declined to INR 14.6 crore from INR 24.5 crore previously.
On a standalone basis, the company reported:
- Revenue: INR 186.56 crore
- Total expenditure: INR 175.6 crore
- EBITDA: INR 15.07 crore
- Net profit: INR 13.17 crore
This indicates that Jar’s core India operations are now profitable even as consolidated financials absorb expansion and integration costs.
The firm also revealed that it has been profitable for two consecutive quarters (Jan–Mar 2025 and Apr–Jun 2025), with Q1 FY26 profitability based on unaudited numbers.
Expenses Surge on Account of Gold Purchases, Marketing and Infra
Jar’s total expenses surged 15.6X to INR 2,501.2 crore in FY25 from INR 160.4 crore in FY24, driven largely by the same vertical integration move.
Key expense heads:
1. Purchase of Traded Goods (Gold) – INR 2,333.6 crore (93% of total expenses)
Up 79X YoY, this is a direct consequence of Jar becoming the principal seller of gold.
2. Employee Benefits – INR 71.4 crore
Up 3.9% YoY, reflecting relatively controlled headcount expansion amid scale-up.
3. Web Hosting & Domain Charges – INR 26.6 crore
Up 88.7% YoY, consistent with a larger user base and more complex in-house tech stack.
4. Advertising & Marketing – INR 48.5 crore
Up 65.7% YoY, as Jar continues to invest in user acquisition and engagement.
Despite the large absolute jump in expenses, revenue recognition changes mean this is structurally aligned with the new business model.
Operational Scale
Jar claims:
- 35 million registered users
- Presence across 12,000 PIN codes
- 221% YoY growth in transaction volumes
- Over 95% of users saving for the first time ever
Jar’s model uses UPI Autopay to execute daily or weekly micro-savings starting from INR 10, allowing Indians with limited liquidity to develop sustained savings habits. Surveys cited by Jar indicate:
- 82% saw improvements in savings capacity
- 79% reported improved quality of life
- 73% said they now achieve financial goals more consistently
Gold continues to be the company’s core savings product, aligned with India’s cultural and behavioural preference for gold as a trusted store of value.
Strategic Expansion: Jewellery and Financial Products
In October last year, Jar launched Nek, its e-commerce jewellery brand, leveraging its in-house gold value chain.
The company is also preparing to expand across three financial pillars:
- Investment diversification (beyond gold)
- Flexible credit offerings
- Simplistic insurance products
This suggests a roadmap toward becoming a full-spectrum retail financial services platform, leveraging its large user base of new-to-savings customers.
Funding, Valuation, and Capital Position
Jar has raised over USD 111 million (~INR 994 crore) to date from investors including Tiger Global, Arkam Ventures, WEH Ventures and others. It last raised USD 22 million in Series B at a USD 250–300 million valuation.
A planned USD 50 million funding round led by Prosus reportedly fell through due to valuation differences. Jar, however, maintains that it is well-capitalised, self-sustaining and focused on building governance and compliance systems ahead of future fundraises.
Conclusion
FY25 marks a pivotal year for Jar:
- Reported revenue exploded due to a shift to principal accounting.
- Underlying operating revenue surged ninefold, confirming real business growth.
- Losses halved, with profitable quarters indicating operational maturity.
- Transaction volumes and user base expanded strongly, supporting long-term compounding.
- Vertical integration puts Jar in control of the entire gold savings value chain, widening margins and strengthening defensibility.
For an Indian fintech landscape grappling with tightened regulations, muted funding, and rising compliance expectations, Jar’s FY25 results signal a rare combination of scale, sustainability and strategic execution.
If the company can maintain profitability while expanding into credit, insurance and non-gold assets, it could transition from a gold micro-savings app into one of India’s most influential mass-market financial services platforms.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.