The net loss of investment tech startup Jar increased by almost 77 per cent in the financial year (FY) 2022-23, despite a significant rise in revenues.
The operating revenue jumped by over 1,000 per cent during the period. Jar earns most of its revenue from services and commissions. The total revenue of the company also surged by almost 2,000 per cent in FY23.
Jar, founded in January 2021, operates a mobile app for low-cost investments and has over 1.5 million users. In FY23, the company raised USD 22.6 million in funding. Its expenses nearly doubled in the same year, with advertising and marketing being the largest contributor. The startup spent a significant amount on advertising, featuring notable Indian actors.
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