Spare8, a Mumbai-based B2B2C fintech startup, has raised an undisclosed amount in its latest funding round.
The round was led by Param Agrawal, son of famous investor Mayank Agrawal, as well as Rajiv Shastri, former CEO of NJ Asset Management.
Previously, it raised a pre-seed round of $800,000 in August 2022, backed by prominent investors including 2am VC, Varanium Capital, Magic Fund, Incisive Ventures and Broom Ventures and several others.
While prior investment focused on establishing the platform, onboarding early adopters and building the technology stack, the latest funding will expand operations, improve technology and ‘expand distribution networks across India.
Large-scale distributor network
Spare8 plans to use the capital raised to expand its distributor network across India, strengthen technology infrastructure to improve user experience and expand marketing efforts to increase awareness about digital gold investments.
The startup also aims to develop new solutions adapted to corporate and institutional clients while recruiting key talents to strengthen operational and technical teams.
What does Spare8 do?
Founded by Ronit Harisingani and Shardul Saiya, Spare8 is a B2B2C fintech startup focused on making gold more accessible in India. The platform offers a seamless investment experience through a user-friendly platform specially designed for Indian investors.
By bridging the gap between traditional methods of investing in gold and the modern digital economy, the startup allows users to grow their portfolios while earning consistent returns of up to 16% per year. It aims to simplify wealth creation through the reliable asset of gold.
“At Spare8, our goal is to provide distributors with a transparent platform to enable as many people as possible to invest in gold while ensuring transparency and profitability. This funding marks an exciting new chapter for us as we expand our reach and continue to innovate. We are delighted 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.
Plans to launch tools to enable tracking of gold investments
Spare8 said its unique distributor-focused model ensures a seamless and secure gold investment experience, enabling distributors to efficiently onboard customers and earn recurring revenue through annual commissions.
The startup has also introduced innovative features, like allowing companies to offer digital gold as a perk to employees.
Additionally, it plans to launch tools to help distributors easily track their clients’ gold investments and maintain transparent engagement.
“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 investing and modern financial solutions. Their distributor-focused model is not only innovative but also scalable, allowing them to effectively tap into the retail and institutional markets,” said investor Rajiv Shastri.