Spare8, a Mumbai-based fintech startup has raised an undisclosed amount in its latest funding round, led by Param Agrawal and Rajiv Shastri, former CEO of NJ Asset Management.
The funds raised will be used to scale its distributor network across India, strengthen the technological infrastructure to enhance user experience, and broaden marketing efforts to increase awareness of digital gold investments. Spare8 also aims to develop new solutions tailored to corporate and institutional clients while hiring key talent to bolster operational and technical teams.
Previously in August 2022, it raised $800,000 in a pre-seed round backed by prominent investors including 2am VC, Varanium Capital, Magic Fund, Incisive Ventures and Broom Ventures and several others.
“Gold has always been a trusted asset in India, but traditional investment methods are often inconvenient and inaccessible. At Spare8, our goal is to empower distributors with a seamless platform to bring gold investments to the masses while ensuring transparency and profitability. This funding marks an exciting new chapter for us as we scale our reach and continue to innovate. We’re excited to have the support of such esteemed investors who share our vision of transforming the gold investment landscape,” said Ronit Harisingani, Co-Founder and CEO of Spare8.
“Gold has stood the test of time as a reliable store of value, and Spare8 is uniquely positioned to bridge the gap between traditional gold investment and modern financial solutions. Their distributor-first model is not only innovative but also scalable, enabling them to tap into both retail and institutional markets effectively,” said investor Rajiv Shastri.
Founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 is a B2B2C fintech startup focused on making gold more accessible in India.
Spare8 bridges the gap between traditional gold investments and the digital economy. The platform provides a seamless experience for investors, enabling distributors to onboard clients efficiently while earning recurring income through annual commissions.
Spare8 also enables companies to offer digital gold as an employee benefit. Additionally, the company plans to launch tools to help distributors easily track their clients’ gold investments and maintain seamless engagement.
