B2B2C Fintech Startup Spare8 Raises Funding

B2B2C fintech startup Spare8 has raised an undisclosed amount in its latest funding round led by Param Agrawal, son of renowned investor Mayank Agrawal, along with Rajiv Shastri, the former CEO of NJ Asset Management.

The startup plans to use the funds to build the platform, attract initial users, and develop its technology. The latest funding will help scale operations, improve technology and expand distribution networks across India.

Spare8 plans to use the raised funds to expand its distributor network across India, improve its technology to enhance user experience, and boost marketing efforts to promote digital gold investments.

It also aims to create new solutions for corporate and institutional clients and hire key talent to strengthen its operations and technical teams.

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Ronit Harisingani, Co-Founder and CEO of Spare8, said, "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."

“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 and enabling them to tap into both retail and institutional markets effectively," said investor Rajiv Shastri.

The startup says its unique distributor-first model provides a smooth and secure gold investment experience. It allows distributors to onboard clients easily and earn recurring income through annual commissions.

Spare8 has also introduced new features, like enabling companies to offer digital gold as an employee benefit.

Additionally, it plans to launch tools that will help distributors track their clients’ gold investments and maintain smooth communication.

About Spare8

Mumbai-based Spare8 was founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 is focused on making gold more accessible in India. The platform offers an easy-to-use investment experience designed for Indian investors.

By combining traditional gold investment with the digital economy, the startup helps users grow their portfolios and earn returns of up to 16% annually. Its goal is to simplify wealth-building using the trusted asset of gold.

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