Misbah Ashraf’s journey is one that echoes the spirit of perseverance, resilience, and innovation. A 29-year-old entrepreneur from Bihar Sharif, Misbah’s story is not just about business; it’s about overcoming odds and spotting opportunities where others might see barriers.
Growing up in a middle-class family, Misbah was no stranger to financial struggles. Despite these challenges, he had big dreams. His journey into entrepreneurship began at an early age when he decided to drop out of college during his first year. This wasn’t a rash decision, but rather a bold step toward his passion for technology and innovation. Misbah co-founded Cibola in 2013, a social payment venture that seemed ahead of its time. Unfortunately, the company faced regulatory hurdles and had to shut down. But Misbah didn’t see this as failure; he saw it as a lesson. He learned that sometimes timing and regulatory environments don’t align with visionary ideas, no matter how promising they seem.
Rather than giving up, Misbah pivoted to another idea. In 2017, he co-founded Marsplay, a platform designed to bring beauty and fashion content to Indian audiences in regional languages. It was a niche that resonated deeply with users, and soon, the platform attracted over a million active users. But like many others, Marsplay couldn’t escape the harsh impact of the COVID-19 pandemic, leading to its acquisition by Foxy in 2021. While some may have seen this as a setback, for Misbah, it was another lesson on the importance of adapting to the changing tides of the market.
In 2021, Misbah’s resilience and passion found their true calling when he co-founded Jar, a fintech startup designed to help ordinary people save and invest with ease. India’s financial landscape was one Misbah understood deeply, and he spotted a huge gap: While the country boasts over 900 million bank accounts and 450 million UPI users, less than 30 million people actively save or invest. Misbah’s answer to this problem was simple but revolutionary: Jar’s automatic round-up feature, where users’ transactions are rounded up to the nearest rupee, and the difference is invested in digital gold. This clever idea made saving and investing accessible to everyone, no matter how modest their means.
The impact has been incredible. In just 18 months, Jar amassed over 11 million users and processes nearly 300,000 transactions daily. With the backing of investors like Tiger Global and Rocketship.vc, the platform has raised over $58 million, and its user base is spread across not just major cities but even remote areas like Andaman and Nicobar Islands.
Misbah Ashraf’s story is a testament to the power of perseverance and vision. Through his entrepreneurial journey, he’s shown that when you identify a problem and stay committed to solving it, success is not just possible it’s inevitable. He’s a true inspiration for anyone with big dreams, reminding us that sometimes, the most valuable lessons come from the setbacks, not the successes.
