How Misbah Built a Rs 2463 Crore Firm in a Year – The Untold Story
Misbah Ashraf's story is a beacon for aspiring entrepreneurs, proving that with hard work and determination, success is achievable, regardless of background.
In the annals of business history, stories of unwavering spirit stand tall. Misbah Ashraf's story is one such chronicle of determination, resonating with the likes of tech luminaries like Bill Gates and Steve Jobs.
Rooted in Humble Beginnings
Hailing from the Bihar Sharif region of Bihar's Nalanda district, Misbah grew up in a quintessential middle-class setting. His father, a teacher, imparted a poignant lesson: "those who walk slow get knocked down." Such wisdom became Misbah's guiding light, leading him to drop out of college and dive headfirst into entrepreneurship.
Trials and Triumphs
Misbah's first endeavor was a social payment venture called Cibola, co-founded in September 2013 with friends from IIT-Delhi. However, Cibola was short-lived. Misbah, reflective in nature, attributed its failure to his miscalculations of the market dynamics. Undeterred, he returned within August 2017. The e-commerce platform experienced rapid growth, amassing over a million users in no time. However, the COVID-19 pandemic posed unforeseen challenges, and Marsplay, amidst a funding crisis, was eventually sold to another e-commerce firm, Foxy.
Striking Gold with 'Jar'
Learning from the past, Misbah introduced '' in May 2021, a FinTech initiative centered on helping users save and invest. The venture was an overnight sensation. Within 18 months, Jar garnered an impressive 18 million users and secured a phenomenal $58 million in funding, with significant investments from giants like Tiger Global and Arkam Ventures. The firm handles over 300,000 transactions daily. Within its inaugural year, Misbah raised an astounding $22.6 million, valuing the company at $300 million (Rs 2,463 crore). This achievement is particularly noteworthy considering the global funding slowdown affecting many startups.
Misbah serves as Jar's Chief Product Officer, co-founding the venture alongside Nishchay AG. His contributions haven't gone unnoticed. In recognition of his stellar work in finance and venture capitalism, Forbes honored him with a position on their prestigious "30 Under 30" list for 2023.
Before his ventures, Misbah enhanced his skills by working with startups like Pulse.qa, Pursuit, Toymail, and Spangle.
Misbah Ashraf's odyssey, from a middle-class boy in Bihar to a celebrated entrepreneur, is testament to his tenacity. It's a clarion call to aspiring business minds, underscoring the fact that with perseverance, insight, and the right spirit, one can transcend any obstacle, turning dreams into unparalleled realities.