Digital gold platform SafeGold’s partnership with Jar saw investments grow from 36 to 17,000 a day

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SafeGold, a leading Asian digital platform accelerating the digital gold ecosystem in India, releases its partnership with Jar, a daily gold savings app that lets you save money increased daily transactions by approximately 99%. In April-May 2021, the average number of transactions per day on the app was 36, which then increased significantly to 24,000 in November 2021, and now averages over 170,000 transactions per day.

India has a population of 130 crores out of which 9 crores have a Demat account. However, only 3 million people made an investment above 10,000 rupees. These data clearly suggest that the investment market has created an echo chamber in which a minor part of society actually invests. In this sense, the term affordability is only closed to the upper layer of the educated segment. This has created a huge gap between rupees earned and invested, especially in terms of the time it takes for the average new investor to start saving.

Gold, as a commodity, has always been regarded with great respect, especially as an asset. However, it was always purchased as consumer jewelry. Bullion and coins have increased their share of annual consumer demand from less than 15% to nearly 25%. Clearly, Indians are increasingly viewing gold as an investment rather than just consumption. With the arrival of players like Jar and SafeGold, they are accelerating the adoption of alternative investment options outside of the mainstream discourse.

Gaurav Mathur, Founder and MD, SafeGoldsaid: “India is a nation full of opportunity and potential. There is a need for startups with a creative outlook to bridge this gap. As SafeGold, we are making strides to enable digital-first investors who are interested in alternative investment products.

Nishchay Ag, co-founder and CEO of Jar, said, “When it comes to making smart financial investments, most Indians have the urge but lack information on the right catalyst that will help them mobilize their resources in the best possible way. Our partnership with SafeGold has helped our universe of clients to invest hassle-free. With this, we hope to instill smart investing habits in our new digital-age investors first at low-friction entry points.”

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