Micro-investment Platform Spare8 Raises $770,000 In Funding
Spare8, a Mumbai-based micro-investment platform, has raised pre-seed funding of $770,000 (around Rs 6 crore) led by 2am VC.
Broom Ventures, Varanium Capital Incisive Ventures, and Magic Fund, with marquee angel investors including Anoop Mathur (Core Media founder), Jaydeep Deshpande (head of marketing at Google Cloud, India), Ajay Adiseshan (Paymate founder), Yagnesh Sanghrajka (founder and chief financial officer at 100xVC) also participated in the funding round.
As per the startup, the raised funds will be used to strengthen its growth and marketing initiatives, along with building a quality team to scale up.
Spare8 | Invest Your Spare Change
Founded by Ronit Harisingani and Shardul Saiya in 2021, Spare8 enables users to start investing their spare change and create an unintentional savings habit. The Mumbai-based micro-investment platform claims to simplify the way consumers invest, spend, see and save money.
Speaking on the development, Ronit Harisingani, Co-founder of Spare8, said,
“Since Spare8’s inception, we have aimed at creating a platform for users to micro-invest and save their wealth in a rewarding manner. Through our app, you can invest your spare change with each online transaction and auto-invest a fixed amount every day. Within the first four weeks of launch, our daily active user base had spread across 26 states.”
The app enables users to invest their spare change from everyday transactions to the nearest Rs.10, be it any mode of digital payment (Debit Card, Credit Card, UPI, E-wallet, Net banking). This helps them unintentionally invest every time they spend or splurge and help them become financially independent.
Spare8’s largest customer base comes from tier-II cities such as Indore, Jaipur, Patna and Lucknow. As per Ronit Harisingani, their app has recorded more than 30,000 downloads.
Commenting on the development, Hershel Mehta, Co-founder of 2 am VC, said,
“We have often led funding rounds for startups with massive potential. Spare8 is one such startup. We believe Spare8’s growth has been purely organic. We see a possibility for this company as it helps users create an effortless investing habit.”