Mumbai-based fintech startup Spare8, which operates in the B2B2C space, has secured funding to reshape how Indians invest in gold. Though the funding amount remains undisclosed, the round was led by Param Agrawal, son of renowned investor Mayank Agrawal, and Rajiv Shastri, the former CEO of NJ Asset Management.
This follows Spare8’s earlier pre-seed round of $800,000 in August 2022, supported by prominent investors like 2am VC, Varanium Capital, Magic Fund, Incisive Ventures, Broom Ventures, and others. The pre-seed round focused on building the platform, attracting initial users, and developing the technology.
Scaling and Expanding the Gold Investment Network
The new funds will be used to:
- Expand Spare8’s distributor network across India.
- Enhance technology for better user experience.
- Increase awareness of digital gold investments through marketing efforts.
- Develop customized solutions for corporate and institutional clients.
- Hire top talent to strengthen operations and technical teams.
What Does Spare8 Offer?
Founded by Ronit Harisingani and Shardul Saiya, Spare8 simplifies gold investments for Indian users by combining the reliability of gold with modern digital tools. The platform enables investors to earn returns of up to 16% annually through a user-friendly, transparent process.
Spare8’s distributor-first model empowers agents to onboard clients efficiently, offering a seamless experience while earning recurring commissions. It also provides innovative solutions like enabling companies to offer digital gold as an employee benefit.
Upcoming Features
The startup plans to introduce tools that will:
- Help distributors track client investments.
- Maintain seamless engagement with users.
- Expand accessibility to institutional and retail markets.
A Human-Centric Vision for Gold Investments
“At Spare8, our mission is to empower distributors with a transparent platform to bring gold investments to the masses. This funding will help us scale operations and innovate further. We’re grateful for the trust of our investors as we transform India’s gold investment landscape,” said Ronit Harisingani, Co-Founder and CEO.
Investor Rajiv Shastri echoed this vision, highlighting that Spare8 bridges the gap between traditional gold investments and modern financial solutions, positioning itself uniquely in a scalable and impactful market.
This fresh funding marks a pivotal step in revolutionizing India’s gold investment landscape, making it more accessible, transparent, and profitable for both individuals and businesses.
