Ever wondered how to save gold in a simple and modern way? Enter Jar vs Gullak – two popular gold savings platforms that are making waves. But which one stands out? In this article, we’ll compare Jar and Gullak, breaking down their features, and business aspects to determine which might be the better choice for you.
Whether you’re just starting with gold savings or looking to switch platforms, we’ll help you navigate the options and find the best fit for your needs.
Keep reading!
(A) Jar vs Gullak: Profile Comparison
First of all, let’s compare the profiles of Jar and Gullak. The following table will give you a brief overview of both the companies-
| Particulars | Jar | Gullak |
| Type of Company | Privately Held | Privately Held |
| Operating Industry | Digital Savings & Financial Services | Fintech Startups with Digital Investments |
| Founded | 2021 | 2020 |
| Headquarters | Bangalore (Karnataka, India) | Mumbai (Maharashtra, India) |
| Business Model | B2C- Digital Savings and Investment Platform | B2C space- Digital Savings and Investments |
| User Base | More than 1.5 crore | Over 10 lakh |
| Key People | Misbah Ashraf (Co-founder), Nishchay Ag (Co-founder) | Manthan Shah, Dilip Jain, Naimisha Rao |
| Parent Company | None | Finternet Technologies Pvt Ltd |
| Products | Digital gold savings, round-up savings, flexible investment options | Digital gold savings, gold leasing (Gullak Gold+), automated savings |
| Valuation | $325 million | $10.9 million |
| Competitors | Gullak, SafeGold, MMTC-PAMP, Augmont | Jar, Yellow Metal, |
Note: We have already explained the “Jar Business model”. Visit the article for detailed information.
(B) Features Comparison
Now, here comes the moment you’ve been waiting for! Which financial service is better? Check out the features in the table below to find out-
| Features | Jar | Gullak |
| Round up Savings | Automatically rounds up transactions to the nearest Rs.10 or Rs.5 and invests the spare change in digital gold | No round-up feature |
| Flexible Savings Options | Users can choose daily, weekly, or monthly savings starting from Rs.10 up to Rs.500 | Offers daily investments starting from Rs. 10, recurring saves, and micro-savings via UPI autopay |
| Minimum Lock-in Period | No minimum lock-in time, users can withdraw deposits after 24 hours | No lock-in, users can stop or withdraw funds anytime |
| Charges | 3% GST on digital gold purchases, buy-sell spread of 2-3% | 3% GST on digital gold purchases, buy-sell spread of 2-3% |
| Reward Program | No specific reward program is mentioned | Offers rewards for each investment made |
| Instant Withdrawals | Not Specified | Users can instantly withdraw funds without additional costs |
| Gold Leasing | No gold leasing feature | Offers gold leasing option called Gullak Gold+ for potentially higher returns |
| Referral Program | Offers Rs.20 for referrals | Offers Rs.25-50 for referrals |
Both apps offer competitive charges, no lock-in periods, and flexible savings options starting from Rs. 10. They also provide instant withdrawals and have similar buy-sell spreads of around 2-3% plus 3% GST on digital gold purchases. Which one do you find more interesting? Don’t forget to comment down below!
(C) Business Comparison of Jar vs Gullak
Don’t you wonder which one is performing better in the market? If yes, then let’s go through the business comparison of both platforms.
| Business Aspects | Jar | Gullak |
| Market Valuation | $325 million | $10.9 million |
| Revenue | Rs.8.7 crore | Not Disclosed |
| Expenses | Rs.137.5 crore | Not Disclosed |
| Profit/Loss | Rs.123 crore | Not Disclosed |
You know, looking at the table, Jar seems to be the shining star in the gold savings world. Guess what? Jar boasts a market valuation of a whopping $325 million, while Gullak stands at a modest $10.9 million. This shows that investors have high hopes for Jar.
When it comes to revenue, Jar rakes in Rs.8.7 crore. Gullak, on the other hand, keeps its earnings a secret. But here’s a twist—Jar’s expenses are sky-high at Rs.137.5 crore, leading to a loss of Rs.123 crore. Despite this, Jar’s huge market valuation suggests investors believe it has a bright future.
Gullak’s undisclosed figures make it hard to compare directly, but the numbers we do have show Jar in a more favorable light. So, if you’re wondering which platform is making waves, Jar clearly takes the spotlight!
(D) Who is the Winner?
You know, it’s tough to pick a clear winner between Jar and Gullak because both have unique features that cater to different investor preferences in digital gold savings.
You know what?
Jar offers automatic round-up savings, flexible investments starting from just Rs.10, and a large user base with 10 million overall users and 1.5 million active savers. On the flip side, Gullak shines with its reward program, instant withdrawal flexibility, and gold leasing options for potentially higher returns.
So, which is better?
It really depends on your goals and risk appetite. If you like the idea of small, automated savings and being part of a big user community, Jar might be for you. But if rewards, instant access, and higher return options appeal more, Gullak could be your go-to.
Both platforms make saving and investing in digital gold super convenient!
