Tiger Global-backed Jar to launch health, general insurance products

Jar, the digital gold micro-savings platform, plans to expand into the health and general insurance segment by the end of 2025, aiming to offer comprehensive financial services. Co-founder and CEO Nishchay AG highlighted the company's strategy to make gold the central pillar for middle-class families, with insurance as the next progression. \r

Jar intends to become a distribution player for insurance products, starting with simpler offerings and gradually expanding its portfolio. Founded in 2021, Jar has achieved Rs 100 crore in annual recurring revenue with 20 million users as of May, adding 0.5 million new users monthly. \r

Recently, it ventured into peer-to-peer lending through Jar Plus in collaboration with NBFC LenDenClub, further diversifying its revenue streams after securing $32 million in Series A funding led by Tiger Global in February 2022.