While India has seen its fair share of success stories of entrepreneurial youths in the country, the rags-to-riches journey of Misbah Ashraf surely stands out. Despite his repeated failures, Ashraf always got up to journey forward, and now runs a business worth thousands of crores.
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Misbah Ashraf is the founder of a company called Jar, a platform that helps middle-class people in India how to save and invest. The company stemmed from the basic concept of how Indian households see gold as a healthy investment option.
However, Ashraf’s road to success was not easy. Misbah Ashraf belongs to the Nalanda district in Bihar, where his father was a school teacher and his mother a homemaker. They often faced financial problems, but Misbah always wanted to rise up.
With the drive of running his own business, Misbah dropped out of college in the second year and opened his first startup Cibola, which failed in just four months, in a major setback. However, his second company was a major hit.
After Cibola, Ashraf started his next company Marsplay, which was later acquired by a bigger firm after it showed major success. After the aggressive growth of Marsplay, Misbah Ashraf decided to launch his third company in the middle of the pandemic – Jar.
In just 18 months after the launch of Jar, the platform created by Misbah Ashraf had crossed 11 million users, and the company raised USD 58 million in funding, which comes out to around Rs 476 crore in Indian currency.
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Later, Misbah Ashraf ended up raising more funds for his startup company Jar at the valuation of USD 300 million, which comes out to Rs 2463 crore. Meanwhile, media reports suggest that Misbah has a net worth of around USD 20 million, which is around Rs 164 crore.
