Rags To Riches: One `PEP Talk` That Transformed Biharibabu`s Life: The True Story Of A College Dropout Who Built Rs 2,463 Crore Empire In A Year

Misbah Ashraf Success Story: In the Sharif neighborhood of Bihar`s Nalanda district, Misbah Ashraf was nurtured in a typical middle-class setting. From his father, a teacher, he acquired a priceless lesson that served as his compass and motivated Misbah to drop out of school and start his own business.

JAR Of Gold: Stories of a steadfast spirit have a long history in business. One such example of tenacity is Misbah Ashraf's narrative, which has inspired many tech titans, just like Elon Musk, Sundar Pichai, Bill Gates, and Steve Jobs did. Misbah was raised in a typical middle-class environment in the Sharif area of Bihar's Nalanda district. He learned a valuable lesson from his father, a teacher, who said, "Those who walk slowly get knocked down." Such knowledge turned out to be Misbah's compass, inspiring him to leave school and launch his own business.

Misbah Ashraf: Dare To Dream

Cibola, a social payment company that Misbah co-founded in September 2013 with pals from IIT-Delhi, was his first business venture. Cibola, however, didn't last long. As reflective as he is, Misbah blamed his incorrect assessments of the market dynamics for its failure. Undaunted, he came back in August 2017 with Marsplay. The e-commerce platform expanded quickly, gaining more than a million members. However, the COVID-19 outbreak presented unexpected difficulties, and Marsplay eventually had to be sold to Foxy, another e-commerce company, due to financial difficulties.

One Can Achieve Anything

Misbah launched "Jar," a FinTech effort aimed at assisting customers with saving and investing, in May 2021 after taking lessons from the past. The business became an immediate success. In just 18 months, Jar attracted an astonishing 18 million users and amassed a staggering $58 million in capital, thanks in large part to contributions from industry titans like Tiger Global and Arkam Ventures. The company does around 300,000 transactions per day. Misbah raised an astonishing $22.6 million in just its first year, valuing the business at $300 million (Rs 2,463 crore). Given the worldwide funding downturn that many businesses are currently experiencing, this accomplishment is extremely notable.

Misbah co-founded the business with Nishchay AG and currently works as its Chief Product Officer. His efforts have not gone unappreciated. He was given a spot on Forbes' esteemed "30 Under 30" list for 2023 in honor of his outstanding achievements in finance and venture capital. Misbah developed his abilities working with startups like Pulse.qa, Pursuit, Toymail, and Spangle prior to starting his own businesses. Misbah Ashraf's journey from a middle-class kid in Bihar to a well-known businessman is proof of his perseverance. It serves as a wake-up call for budding business minds, highlighting the reality that any challenge can be overcome with the correct attitude, persistence, and wisdom.