Meet college dropout from Bihar who built Rs 2,300 crore company in just one year after multiple failed businesses
Misbah is the Chief Product Officer of Jar, having co-founded the company with Nishchay AG. Forbes recognized him with a spot on their esteemed "30 Under 30" list for 2023 in appreciation of his outstanding work in financing and venture capital.
The life story of Misbah Ashraf is one of perseverance; it resonates with tech titans such as Steve Jobs and Bill Gates. Hailing from the Nalanda district of Bihar, Misbah was raised in a typical middle-class environment in the Bihar Sharif region.
A significant lesson was taught by his father, a teacher: "Those who walk slow get left behind." Such insight turned into Misbah's guidance, inspiring him to leave college early and pursue his entrepreneurial dreams.
Who is Misbah Ashraf?
In September 2013, Misbah and some friends from IIT Delhi co-founded Cibola, a social payment startup. Cibola, however, did not last long. Reflective by nature, Misbah blamed his inaccurate assessments of the nature of the market for its collapse.
Unfazed, he made a comeback in August 2017 with Marsplay. The e-commerce platform grew quickly, quickly gaining over a million users. However the COVID-19 pandemic presented unanticipated difficulties, and amid a financial crisis, Marsplay was ultimately acquired by Foxy, another online retailer. After numerous setbacks, Misbah built a Rs 2463 crore company.
Misbah launched "Jar," a FinTech project focused on assisting consumers with saving and investing, in May 2021 after taking lessons from the past. The business became popular overnight. In just 18 months, Jar attracted an astounding 18 million users and raised an astounding $58 million in capital, including sizeable contributions from major players like Tiger Global and Arkam Ventures.
According to YourStory, Misbah raised an incredible $22.6 million in its first year of business, valuing the business at $300 million (around Rs 2300 crore in 2022). This accomplishment is especially notable in light of the worldwide funding drop that many startups are currently experiencing.
Misbah is the Chief Product Officer of Jar, having co-founded the company with Nishchay AG. His efforts have not been overlooked. Forbes recognized him with a spot on their esteemed "30 Under 30" list for 2023 in appreciation of his outstanding work in financing and venture capital.