Jara Mobile Ltd

Our app rewards consumers with free discounts coupons to their favorite brands every time they pay bills with it,resulting to cash savings.
Startup name
Jara Mobile Ltd
Web address
Founding date
March 2015
Incorporation
Yes
Total team member
13
Startup stage
Users
Category
Software
Sector
E-commerce & online marketplaces, Financial & payment services, Mobile
Product usage or interact
Mobile/Tablet (iOS), Mobile/Tablet (Android)
City
Lagos, Lagos, NG

Elevator pitch

Jara is used to make bill payments and a user gets rewarded instantly with discount coupon(s) for their transaction to quality brands,resulting to cash savings.While brands innovatively acquire new customers,market to a targeted audience and gain consumer insight,leading to a win-win business model.

Team

Chinedu Onyeaso

I am passionate about using technology to make positive impact on the African continent. Prior to starting Jara I co-founded a company that provided technological solutions for small businesses in Nigeria. I also worked as an IT Analyst for True Design, UK, and Graduate Engineer for Chevron Nigeria.

Emeka Akano

I am a very passionate serial entrepreneur who has both a BSc and MSc Degree in Electrical Engineering.I have worked in various business sectors before going into entrepreneurship full time.I was selected as one of Forbes Africa's 30 under 30 entrepreneurs in 2015 for the little I have done so far.

Business model

Target customer

1) B2C -Socially active 18-35years 2) B2B - Retail Brands

Customer acquisition strategy

For B2C -Incentive driven referrals, social media marketing.

Revenue model

We make money in the following ways:
1. We make a commission (5% for starter which can grow to 8% based on volumes) on transactions processed by consumers on our platform.
2. We also make money from brands for helping them acquire and retain customers, and for providing insight on consumer behavior, starting at 5% on Voucher redemption.
3. In the long run, other (big) data monetization schemes would be implemented, such as in-app advertising. Jara gets data on consumer spends and interests.

Market info

Market size

$ 32,000,000,000

Competitors

Competition

Our two competitor segments focus on either enabling payments for consumers, or marketing for brands based on impressions. Our unique business model brings these two together; By powering consumers’ routine transactions and observing their interests based on the type of deals they go for, over time we are able to gain a lot of specific insight on consumers, which we can leverage to serve both consumers and brands more effectively than any other competitor.

Startup traction

Our objective in 2016 was to prove the concept of the idea, and demonstrate it as a viable opportunity. We were able to achieve the following:
- We conducted extensive market research and surveyed more than 1,000 of our target customers to validate the idea.
- Without a product we succeeded in growing our social media following to 15,000, followers (who we call Jara citizens).
-We launched beta version of the app on Android in October 2016.
-With zero marketing, we have grown organically to 1000+ users and have processed $4,000+ in transactions (May 2017).
- We succeeded in signing up 20+ brands including Puma, Uber, Jumia, Spinlet, Filmhouse Cinemas and Dominos Pizza.
- Based on user feedback we are now working on a much more improved version of the app.
- Good PR - Our product has gotten some interests in the media across popular tech blogs locally and International magazines like Forbes have written about the product. We have also been interviewed by popular TV stations.

Other information

1)We have been part of an Acceleration here in Nigeria - IDEA hub Nigeria www.idea-nigeria.org.
2)We were one of 16 starts selected to represent Nigeria at GITEX Technology Conference,Global Startups Movement in Dubai.

Publication date: 28 August 2017