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Mumbai-based fintech startup Spare8 has successfully raised an undisclosed amount in its latest funding round. The round saw participation from prominent names, including Param Agrawal, son of veteran investor Mayank Agrawal, and Rajiv Shastri, former CEO of NJ Asset Management.
This follows a pre-seed funding round in August 2022, where Spare8 secured $800,000 from investors such as 2am VC, Varanium Capital, Magic Fund, Incisive Ventures, and Broom Ventures. While the earlier round focused on building the platform, acquiring initial users, and establishing the tech stack, the new funding will be directed toward scaling operations, improving technology, and expanding distribution networks nationwide.
Spare8 plans to utilize the fresh capital to grow its distributor network across India, upgrade its technological infrastructure for an improved user experience, and amplify marketing efforts to promote digital gold investments. Additionally, the company aims to introduce tailored solutions for corporate and institutional clients and hire key talent to strengthen its operational and technical teams.
Founded by Ronit Harisingani and Shardul Saiya, Spare8 operates as a B2B2C fintech platform dedicated to democratizing gold investments in India. The platform offers an intuitive and user-friendly experience, bridging the gap between traditional gold investments and the modern digital economy. By doing so, Spare8 enables users to build wealth through gold, with returns of up to 16% annually.
“At Spare8, we aim to empower distributors with a seamless platform to make gold investments accessible to the masses while ensuring transparency and profitability. This funding ushers in a new phase of growth as we scale and innovate further. We are grateful for the support of our esteemed investors who share our vision of reshaping the gold investment landscape,” said Ronit Harisingani, Co-Founder and CEO.
Spare8’s distributor-first model facilitates secure and efficient onboarding of clients, allowing distributors to earn recurring annual commissions. The startup has also introduced unique offerings, such as enabling companies to provide digital gold as an employee benefit.
The company plans to roll out tools that will allow distributors to monitor their clients’ gold investments and maintain seamless engagement.
“Gold remains a timeless store of value, and Spare8 is uniquely positioned to modernize and scale this asset class. Their distributor-first model effectively addresses both retail and institutional markets,” said Rajiv Shastri, one of the key investors.
With this fresh funding, Spare8 is poised to redefine the gold investment ecosystem in India, driving innovation and accessibility across the country.
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