- Jar, a gold savings platform backed by Tiger Global, reported revenues of Rs 8.7 crore in FY23, but its losses widened to Rs 123 crore.
- The company allows users to invest as low as Re 1 in digital gold and converts digital gold to physical gold in the form of coins or jewelry.
- Heavy investments in brand building and advertising, accounting for 49% of expenditure, were the largest cost centers for Jar in FY23.
- The company’s losses increased by 78.3% in FY23 to Rs 123 crore.
- Jar has raised over $60 million to date and is valued at around $325 million.