Jar, a Bengaluru-based fintech startup, has turned cash flow positive, marking a significant milestone in its three-year journey. Backed by Tiger Global, Jar has strategically expanded its offerings over the past year and a half, diversifying into lending and online jewelry sales. This expansion has not only contributed to its growth but also its profitability. The startup is currently in talks to raise up to $50 million in a new funding round, as reported by the Economic Times.
Founded three years ago, Jar provides savings and investment services to consumers, aiming to simplify financial management. Its recent ventures into lending and the jewelry market under the brand name Nek have played pivotal roles in its success. Nek is witnessing annualized sales of approximately $13 million. This diversification has enabled Jar to achieve more than tenfold growth last year while simultaneously becoming cash flow positive.
The broader landscape of Indian startups is witnessing a trend where many are improving their financials and reducing expenses to prepare for potential IPOs. Jar's focus on profitability aligns with this movement, highlighting its dedication to sustainable growth and long-term success. The company's efforts to expand its business offerings have been instrumental in achieving its current financial standing.
Jar's potential $50 million funding round could further bolster its growth trajectory. With Tiger Global's backing, the startup is well-positioned to capitalize on emerging opportunities in the fintech sector. By enhancing its product portfolio and maintaining a keen focus on financial health, Jar exemplifies the evolving narrative of Indian startups striving for profitability.
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