Wealthtech Startup Jar Marks Ecommerce Foray With Its D2C Jewellery Brand Nek

Wealthtech startup Jar has ventured into the ecommerce space with its D2C jewellery brand, Nek. Launched in February 2024, Nek focuses on gold jewellery, leveraging Jar’s existing customer base that invests in digital gold. The move aims to diversify Jar’s revenue streams and reduce losses. Jar’s CEO, Nishchay AG, stated that the company is on track to exceed INR 100 Cr in annual recurring revenue by October. Founded in 2021, Jar allows users to invest as little as INR 1 through its mobile app. Despite a significant increase in operating revenue, Jar’s net loss widened by 77% year-on-year to INR 122.8 Cr in FY23. The ecommerce foray follows Jar’s recent Series B funding round, where it raised $22.6 Mn at a post-money valuation of $300 Mn. The company also partnered with PhonePe to launch a ‘Daily Savings’ feature to promote digital gold purchases.