Jar Enters UPI TPAP Services with BharatPe and Unity Small Finance Bank

Jar has ventured into UPI Third-Party Application Provider services, partnering with BharatPe as the Technology Service Provider and Unity Small Finance Bank as the Payment Service Provider. As per the National Payments Corporation of India (NPCI) website, Jar will operate under the UPI handle @jarunity.

Strategic Collaboration

This collaboration signifies BharatPe’s entry into the UPI TSP landscape, joining established names like Juspay and Mindgate. Jar’s integration with BharatPe’s TSP platform ensures efficient UPI payment processing, while Unity Small Finance Bank manages the essential banking operations for these transactions.

Investment Opportunities with Jar

Jar provides users the opportunity to invest in digital gold. Users on the platform can seamlessly convert their digital gold into physical gold, such as coins or jewellery, through partnerships established by the company.

Funding and Valuation

From various sources, it has been reported that Jar has secured over $60 million in funding, achieving a valuation close to $325 million. Co-founders Nischay Babu AG and Misbah Ashraf collectively possess a 44.96% ownership in the firm.

Financial Growth

Jar has witnessed a remarkable increase in operational revenue, rising 5.6 times to Rs 49 crore in FY24, up from Rs 8.7 crore in FY23. For FY24, its total expenditures grew by 16.26% to Rs 60.38 crore. While Jar has not yet submitted its annual report for FY25, the CEO indicated that the company has reached profitability, although precise figures remain undisclosed. An earlier update revealed that Jar’s annualised revenue run rate surged from Rs 23 crore in December 2023 to Rs 270 crore by December 2024.

Joining the Consumer Payments Space

Jar is joining other notable firms in the consumer payments arena via UPI since January 2024, including BharatPe, Flipkart UPI, Fampay, Fi Money, Freo, INDmoney, and Super.money.