Misbah Ashraf: Just a few months ago, the company achieved a valuation of $200 million.
Misbah Ashraf was born and raised in Bihar. He grew up in a middle-class family, with his father working as a teacher and his mother as a homemaker. Ashraf made the decision to drop out of college during his first year to pursue his entrepreneurial aspirations, founding Cibola.
After a few months, the company shuttered. However, four years later, Misbah Ashraf embarked on another entrepreneurial venture and launched a startup named Marsplay. This time, Marsplay experienced remarkable growth and eventually caught the attention of an acquiring entity due to its aggressive expansion.
The company closed down within a few months of its launch. However, four years later, Misbah Ashraf ventured into another startup venture and established Marsplay. The company experienced rapid and impressive growth, leading to its acquisition by another entity.
In May 2021, Misbah Ashraf launched his third venture called Jar. The primary concept behind this startup is focused on saving and investing. Within just 18 months, Jar managed to surpass 11 million users, indicating its popularity and success. Additionally, the fintech firm successfully raised $58 million in funding, further bolstering its growth and potential.
After discontinuing his college education, Misbah Ashraf gained work experience at various companies including Pulse. qa (YC), Pursuit, Toymail (YC), and Spangle.
Slightly over a year later, Ashraf’s startup, Jar, successfully secured a significant funding round of $22.6 million, leading to an impressive valuation of $300 million (equivalent to Rs 2,463 crore).
It is noteworthy that Jar is among the few companies that managed to secure a multi-million dollar deal during a period when funding had considerably slowed down.
Just a few months ago, the company had achieved a valuation of $200 million.
Nishchay AG is his co-founder. He holds the position of Chief Product Officer in the company. This is his third venture.
He was recognized by Forbes as one of the 30 Under 30 in Finance and Venture Capital in 2023.
