Wealth platform Jar sees hope in e-commerce, adds jewellery retailing to line-up

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Subscribe to enjoy similar stories. Tiger Global-backed wealth platform Jar has ventured into e-commerce, hoping to add another string to its bow as it pursues sustainable growth and attempts to trim losses. The gold-focused micro-savings company quietly entered the e-commerce race in February with Nek, its direct-to-consumer jewellery brand, co-founder and CEO Nishchay AG told Mint.

Nek is set to surpass ₹100 crore in annual recurring revenue (ARR) by October. "Gold is a class that everyone understands and is very stable, so there’s a high appetite for gold, especially in the form of jewellery. Since we've enabled users to save in gold, we launched Nek as a jewellery brand," Nishchay AG told Mint on October 8.

The D2C brand is already profitable, he said. Several Indian jewellery brands have grabbed the attention of investors and secured significant funding over the past year. In 2024 alone, Bluestone, Giva, Kushal’s, Aukera, Trisu, Salty, and Eternz, among others, successfully raised capital.

Archana Jahagirdar, founder and managing partner of Rukam Capital, told Mint that investor interest in the jewellery segment is driven by changing fashion trends among Indian women. "Traditionally, jewellery was worn at weddings and festivals, but now, with more varied occasions, even our everyday attire has evolved. Indian women are increasingly wearing Indo-Western or Western outfits, creating a demand for different types of jewellery.

There’s also a growing need to build brands within this segment, both at the lower and upper ends of the price spectrum," she explained. So far, Jar has raised $59.1 million from investors including Tiger Global Management, WEH Ventures and Tribe Capital. The company last raised $22.6 million in a