Hailing from Bihar’s Nalanda district, Misbah Ashraf, at 29, has become an inspiring figure who defied setbacks and secured a place on Forbes’ ’30 Under 30′ list. Despite facing numerous failures, he went on to establish successful ventures, notably ‘Jar,’ a fintech startup. With humble beginnings, Misbah’s transformation from a college dropout to a Co-Founder and Chief Product Officer is a testament to his unwavering determination.
Who is Misbah Ashraf?
Misbah Ashraf hails from Bihar’s Nalanda district. Misbah’s early education was conducted in Nalanda. Coming from a middle-class background, Misbah nurtured ambitious aspirations from a young age. To pursue his dreams, he engaged in work during his formative years. Although he enrolled in college, Misbah’s determination to chart his own path led him to drop out during the initial year. Recognizing that his route to success lay in entrepreneurship, he joined forces with a friend from IIT Delhi. This partnership led to the inception of Cibola, a social payment venture, in September 2013.
Misbah Ashraf’s Second Entrepreneurial Venture
Misbah’s first entrepreneurial endeavor encountered failure. Hindered by the lack of a government payment license and challenged by rivals like PhonePe and Paytm, his venture couldn’t take off. Undeterred, Misbah swiftly moved forward, launching his second venture in 2017. This venture ventured into the realm of fashion and beauty. Despite securing two rounds of funding, this too met its end. The hardships of the COVID-19 pandemic exacerbated Misbah’s struggles, leading him to eventually sell his company, Marsplay, to FOXY.
Misbah Ashraf’s Third Entrepreneurial Venture Jar
While Misbah, a college dropout, faced failure twice in business, he refused to be defeated. His next endeavor, ‘Jar’, launched in 2021 as his third venture, proved a game-changer in the fintech sector. The success of this startup has resonated not only within India but also internationally.
Launched in January 2021 by Misbah Ashraf and his friend Nishchay AG, the Jar App offers a user-friendly interface for secure and effortless daily savings and gold investments, fostering a brighter future for individuals and their families.
Jar: Fintech’s Wide Reach and Rapid Growth
Bengaluru-based fintech startup Jar has achieved impressive nationwide outreach, spanning from Kashmir to the Andaman Islands. Boasting over 11 million users, its popularity is evident as over half are from Tier One cities, 35% from Tier 2, and 15% from smaller towns. Backed by substantial investments, including a $226 million influx within a year, Jar aims to expand its user base to 50 million in five years, with a current valuation of $300 million (₹2463 crore).
Misbah Ashraf: Forbes 30 Under 30 Honor
Misbah Ashraf’s remarkable achievements in Bihar have transcended regional boundaries and earned him global acclaim. His outstanding accomplishments have earned him a coveted spot on the prestigious ‘Forbes 30 Under 30’ list for 2023. It’s worth noting that Misbah stands as the sole representative from Bihar on this esteemed roster, further highlighting the significance of his journey.