Team: BBB Insider Wednesday January 10, 2024,
5 min Read
Misbah Ashraf is the Co-Founder and Chief Product Officer of Jar App which is a financial product app for saving and investment and works on the concept of Piggy Bank.
Misbah Ashraf is a serial entrepreneur and has created this success by himself. Misbah was also featured in the 30 Under 30 List by Forbes India in 2023. In the dynamic landscape of entrepreneurship, Misbah Ashraf’s journey unfolds as a testament to resilience and innovation. The ‘Jar’ application, initiated by Misbah, has garnered immense popularity, boasting over 11 million registered users. With a stellar performance in its inaugural year, ‘Jar’ attracted a remarkable $22.6 million from foreign investors, accumulating a total investment of $58 million to date. This financial backing has propelled Misbah’s startup to a valuation exceeding 2000 crores, marking a remarkable achievement.
Misbah’s success narrative is grounded in a tenacious spirit that refused to yield to setbacks. Armed with a B.Tech. in Computer Science from Amity University, Noida, Misbah ventured into the fintech realm with Cibola during a hiatus from his studies. His journey continued with notable roles, including Chief Growth Officer at Spangle Inc., Product and Growth Manager at Keygo.me and Toymail, and Partner at India Goes Global Pvt Ltd. This multifaceted trajectory showcases Misbah’s diverse expertise and unwavering commitment to shaping impactful ventures.
Early Years and Humble Beginnings – In the early years of Misbah Ashraf’s life, he hails from Bihar’s Nalanda district, growing up in a modest middle-class household. The backdrop of his parents’ professions becomes the canvas upon which Misbah’s journey into the world of business begins. Raised in an environment that values hard work and resilience, Misbah’s early life becomes a testament to the potential rooted in humble beginnings.
His parents, one an ordinary school teacher and the other a homemaker, laid the groundwork for Misbah’s entrepreneurial spirit. The influences of his family instilled in him a strong work ethic and a drive to carve his own path. These formative years, spent in the embrace of a middle-class upbringing, set the stage for Misbah’s future aspirations.
As we explore this phase of his life, we witness the simplicity and sincerity that characterizes his early years. It is within this modest setting that the seeds of Misbah’s future success were sown, marking the genesis of a journey that would later unfold into a remarkable entrepreneurial story.
The Business Idea – Misbah Ashraf’s journey into entrepreneurship began with a remarkable decision – to drop out of college and embark on a business venture named Cibola, alongside a friend from IIT Delhi. The genesis of this business idea, rooted in the fertile grounds of Misbah’s unique thought process, unveils the birth of his entrepreneurial spirit.
The influences behind this decision stem from a distinct set of circumstances. Misbah, despite the conventional trajectory of pursuing a college education, felt a magnetic pull toward the world of business. Delving into his thought process, one can discern the desire for autonomy and the pursuit of a path less travelled.
The decision to initiate Cibola not only reflects Misbah’s courage to deviate from the conventional but also underscores the innate entrepreneurial flair within him. The influences shaping this idea are a blend of personal aspirations, a thirst for independence, and the dynamic spirit of collaboration with a like-minded partner.
In exploring the origins of Misbah’s business idea, we encounter the narrative of a modest person making bold choices, driven by a vision that surpassed the traditional bounds of education. It is within this context that the seeds of entrepreneurship were planted, ultimately paving the way for the remarkable journey that followed.
The Struggler Phase – During the Struggler Phase of Misbah Ashraf’s entrepreneurial journey, his initial venture, Cibola, encountered a myriad of challenges that tested both his mettle and determination. Faced with formidable obstacles, Misbah found himself in a position where the contemplation of closure loomed large.
The difficulties encountered during this phase were multifaceted. From financial constraints to operational intricacies, Misbah grappled with the harsh realities of starting a business. The struggle was not merely external; internal pressures and self-doubt became constant companions. The market dynamics posed unforeseen challenges, demanding adaptability, and quick decision-making.
Emphasizing the resilience needed to weather these setbacks, Misbah’s determination shone through. The Struggler Phase became a crucible, forging his character and honing the skills necessary for navigating the unpredictable landscape of entrepreneurship. It was during this period that Misbah learned the invaluable lessons of perseverance and the art of turning challenges into opportunities.
The narrative unfolds as a testament to Misbah’s tenacity, illustrating how the Struggler Phase, though arduous, laid the foundation for his future successes. It is a story of resilience in the face of adversity, showcasing Misbah’s ability to transform setbacks into stepping stones on his entrepreneurial path.
Bootstrapped and Loving It – Embarking on his second entrepreneurial venture, Misbah Ashraf ventured into the creation of Marsplay, a distinctive beauty and fashion platform. In navigating this venture, Misbah faced the challenges of bootstrapping, a journey marked by financial self-reliance and a determination to build from the ground up.
Bootstrapping, the art of starting a business with minimal external funding, became both a challenge and a source of pride for Misbah during the Marsplay phase. The constraints of limited resources meant strategic decision-making and a relentless pursuit of innovation. The hurdles were multifaceted – from developing a user-friendly platform to establishing partnerships in the competitive beauty and fashion industry.
However, Misbah’s journey was not solely defined by challenges; it also bore witness to triumphs. Marsplay secured funding in two rounds, a testament to Misbah’s ability to navigate the intricacies of the startup ecosystem and attract investment. Despite the hurdles, Misbah embraced the bootstrapped nature of his entrepreneurial efforts with a fervent love for the journey. This phase became a canvas for creativity and resilience, showcasing not only the challenges faced but also the passion and commitment that fueled Misbah’s pursuit of success in the ever-evolving landscape of beauty and fashion entrepreneurship.
Strategy & Plans – What Worked for This Business : Misbah Ashraf’s success with Marsplay was intricately woven through strategic planning and execution. The venture’s triumph lay in a combination of carefully crafted strategies that resonated with the dynamic nature of the beauty and fashion industry.
One key element of the success strategy was a keen understanding of user experience. Misbah and his team focused on developing an intuitive, user-friendly platform that catered to the evolving needs and preferences of the fashion-conscious audience. By prioritizing seamless interaction and visual appeal, Marsplay distinguished itself in a crowded market.
The strategic utilization of technology played a pivotal role. Embracing cutting-edge solutions for image recognition, personalized recommendations, and social integration, Marsplay leveraged tech innovation to enhance user engagement. This foresight allowed the platform to stay ahead in an industry driven by trends and aesthetics.
Furthermore, strategic partnerships and collaborations became instrumental. Misbah forged alliances with influencers and brands, amplifying Marsplay’s reach and credibility. The platform evolved into a collaborative ecosystem, fostering a sense of community among users and contributors.
Adaptability was the linchpin of Marsplay’s success. Misbah demonstrated a remarkable ability to pivot in response to market shifts and emerging trends. This adaptability ensured that Marsplay remained relevant and resilient in the face of an ever-changing business landscape.
In essence, Misbah’s strategic vision for Marsplay reflected a comprehensive understanding of his audience, a commitment to technological innovation, and the agility to navigate the nuances of the dynamic beauty and fashion sector. It is this amalgamation of foresight, innovation, and adaptability that clicked, propelling Marsplay into the realm of thriving and sustainable success.
The Success Story – The Success Story begins with a pivotal moment in 2021 when Misbah Ashraf, armed with experience, resilience, and a vision for transformative financial solutions, founded ‘Jar’ in the vibrant city of Bangalore. This fintech startup, distinct in its approach, set out to redefine the landscape of financial services.
‘Jar’ emerged as Misbah’s brainchild, embodying innovation and a commitment to addressing the evolving needs of users. With a focus on providing comprehensive financial services, the startup aimed to bridge gaps and enhance the financial well-being of its users. The launch of ‘Jar’ marked a turning point in Misbah’s entrepreneurial journey, symbolizing a shift towards success and recognition.
The unique characteristics of ‘Jar’ lie not only in its innovative approach but also in its user-centric design and commitment to excellence. As the startup gained traction, it became evident that Misbah’s vision was resonating with a broad audience, propelling ‘Jar’ to the forefront of the fintech industry.
This momentous transition to success showcased Misbah’s ability to identify opportunities, adapt to market demands, and create ventures that leave a lasting impact. The inception of ‘Jar’ not only marked a significant milestone in Misbah’s journey but also set the stage for a success story that continues to unfold in the dynamic realm of fintech.
The Roadmap to Future – Misbah Ashraf’s unwavering motivation, despite facing myriad challenges, serves as a beacon illuminating his entrepreneurial journey. His ability to persevere stems from a profound belief in his vision and a relentless passion for innovation. The challenges encountered during the Struggler Phase and the intricacies of bootstrapping with Marsplay fuelled a determination to prove the resilience within him.
As Misbah’s journey progressed, the accolade of being listed in the “Forbes 30 Under 30” provided both validation and inspiration. This recognition not only celebrated his achievements but also fuelled his commitment to making a lasting impact. The acknowledgment from Forbes became a powerful motivator, propelling him forward even when faced with uncertainties.
The subsequent venture, ‘Jar,’ marks a pinnacle in Misbah’s entrepreneurial endeavours. The substantial investments garnered by ‘Jar’ showcase the industry’s confidence in his capabilities. The company’s valuation exceeding 2000 crores signifies not only financial success but also the realization of Misbah’s entrepreneurial vision.
Misbah Ashraf’s vision for the future is characterized by a commitment to innovation and sustainability, transcending mere financial milestones. Rooted in a profound determination to make a lasting impact, Misbah envisions a trajectory that reshapes the landscape of entrepreneurship.
In his quest for innovation, Misbah aims to continually push boundaries and explore new frontiers within the business realm. His vision entails staying at the forefront of technological advancements, ensuring that his ventures remain adaptive and pioneering in an ever-evolving market.
Beyond financial success, sustainability takes center stage in Misbah’s forward-looking roadmap. Recognizing the global imperative for eco-conscious practices, he envisions integrating sustainable principles into his ventures. This commitment reflects a conscientious effort to contribute positively to the environment and aligns with the growing emphasis on corporate responsibility.
The comprehensive vision that fuels Misbah’s motivation is not confined to personal accolades or financial gains. It encompasses a transformative path, one where his ventures become agents of positive change, leaving a lasting legacy in the entrepreneurial landscape. Guided by this vision, Misbah aspires to create ventures that not only thrive in the competitive business arena but also contribute meaningfully to societal and environmental well-being.
The Entrepreneurship Mantra – 
Misbah Ashraf’s entrepreneurship mantra, gleaned from his transformative journey, serves as a guiding light for aspiring entrepreneurs. At its core, his success is attributed to a trifecta of perseverance, adaptability, and a focused mindset.
Perseverance, a hallmark of Misbah’s philosophy, remains pivotal in navigating the challenges of the fintech landscape. His resilience, evident in weathering storms and learning from failures, underscores the entrepreneurial journey’s demanding nature. Misbah’s story emphasizes the indispensable role resilience plays in the fintech realm.
Adaptability, a critical element in Misbah’s journey, emphasizes the need for entrepreneurs in fintech to navigate the ever-changing business landscape with agility. The fintech industry demands flexibility, allowing entrepreneurs to pivot strategies and embrace change as an inherent part of growth.
A focused mindset, as per Misbah, becomes the linchpin tying everything together in the fintech sphere. Channelling energy into a clear vision, committing to goals, and maintaining unwavering focus contribute significantly to overcoming obstacles specific to fintech. Misbah’s story stands as a testament to the transformative power of a resolute and concentrated entrepreneurial mindset within the fintech sector.
In conclusion, Misbah’s entrepreneurship mantra, enriched with mentions of fintech, encapsulates the essence of perseverance, adaptability, and a focused mindset. Aspiring entrepreneurs in fintech can draw inspiration from his journey, recognizing these fintech-focused principles as guiding beacons on their own paths to success.
Achievements & Accolades
- Forbes 30 Under 30 Asia. Forbes. May 2023. Listed in the “Forbes 30 Under 30” Asia for Finance & Venture Category.
- Forbes 30 Under 30 India. Forbes. Jan 2023. Listed in the “Forbes 30 Under 30” India for Consumer Tech.
- Additional Honors & Awards. – – Delivered a workshop on MVP at Lean Startup Machine, Delhi.
- Jar has earned a spot on LinkedIn’s prestigious ‘Top Companies to Work for’ 2023 list! 🚀
Read More Success Stories on:
https://bbbinsider.com/fintech-misbah-ashrafs-jar-app/
https://www.forbesindia.com/article/30-under-30-2023/misbah-ashraf-has-found-his-jar-of-gold/82977/1