Wealthtech startup Jar launches online D2C jewellery brand Nek, capitalising on its digital gold customer base 

With a focus on gold jewellery, the Nek aims to achieve over Rs. 100 crores in annual recurring revenue by October. While expanding into e-commerce, Jar remains committed to its core digital gold vertical, which continues to drive significant growth.  

Mumbai: Tiger Global-backed wealthtech startup Jar has made its foray into the e-commerce space with its direct-to-consumer jewellery brand, Nek. This move aims to diversify the company’s product offerings and strengthen revenue streams. 

Nishchay AG, co-founder and CEO of Jar, revealed that the brand was launched in February and is on track to achieve over Rs.100 crore in annual recurring revenue (ARR) by October. “Gold is widely understood and stable. Since our users save in gold, launching Nek as a jewellery brand was a natural progression,” he explained. 

Nek focuses primarily on gold jewellery and leverages Jar’s existing customer base, which has invested in digital gold. Despite the launch of Nek, Nischay emphasized that revenue from their core digital gold vertical will remain the primary growth driver, contributing over 50% to the overall topline. 

Founded in January 2021 by Nischay and Misbah Ashraf, Jar operates a mobile-based app that allows users to invest as little as INR 1, boasting a user base of over 1.5 crore. The launch of Nek follows Jar’s recent $22.6 million Series B funding round, which valued the company at $300 million. 

The e-commerce venture comes on the heels of Jar’s exploration into the peer-to-peer lending space with its upcoming offering, ‘Jar Plus.’ However, the company faces financial challenges, with net losses widening nearly 77% year-on-year to INR 122.8 crore in FY23, despite a significant revenue increase, which surged by 1,000% to INR 8.7 crore from INR 73.8 lakh in FY22. 

Retail Jeweller India News