Rural Fintech Spice Money and Religare Broking Take the LIC IPO to 10 Crore Rural Households

Spice Money, India’s leading rural fintech that is revolutionizing the way Bharat banks, today announced that it has partnered with Religare Broking Ltd. (RBL) to enable rural citizens to apply for the mega LIC IPO, a first-of-its-kind investment opportunity. Through this association, Religare Broking and Spice Money aim to provide rural citizens with equitable access to investment opportunities, thus, taking a step further in bridging the rural-urban divide and augmenting financial inclusion. 

Moreover, this association will allow over 95% of rural pin codes to get access to assisted phygital platforms to invest in capital market-linked opportunities such as equities, mutual funds, commodity, currency and NPS to build wealth for the future. The business partnership will pave the way ahead for a large scale financial inclusion and financial freedom for new-to-market investors in the rural segment.

Religare Broking is currently servicing over 10 Lakh Demat customers through its pan India network of 1100+ branches and business partners across 400+ cities in the country. Spice Money, on the other hand, is a leading rural fintech company with a wide network of over 10 lakh merchants (called Spice Money Adhikaris) serving over 10 crore households in 700+ districts across the hinterlands of India. Thus, investment services partnership between Religare Broking and Spice Money will facilitate rural India to get direct and assisted access to a Demat Account and invest in capital market-linked products.

While India has just recorded “the best IPO year” (2021) in two decades with new-age technology companies leading the way, the percentage of investors from rural parts of the country is extremely low due to the lack of access, awareness and assistance. Spice Money’s most inclusive and trusted community of high growth 1 million Adhikaris, who are looked upon as respected banking representatives, will act as a one-point contact for assisting rural citizens who want to invest in the LIC shares, but do not know where to begin. Spice Money Adhikaris will assist them to open a DEMAT Account and apply for the LIC IPO and invest in other products in the future.

Sanjeev Kumar, Co-Founder & CEO, Spice Money said, “We are thrilled to partner with Religare Broking to take the country’s biggest IPO to the hinterlands of India. At Spice Money, we are on a mission to drive financial inclusion for the country and this partnership will bring forth the opportunity for rural citizens to participate in the mega IPO and other capital market-linked products in the future, through our marketplace platform. Access to the IPO of a brand that commands nation-wide trust, like LIC, will help rural citizens warm up to the phenomenon of investment opportunities they are hitherto unaware of."

"A majority of rural households have little to no financial literacy and most prefer to park their money in bank deposits and therefore, they have to settle for low-interest rates, while there remains a massive opportunity to grow their wealth by making smart investments in capital markets. Seizing these opportunities will not only help in financial growth of rural citizens, but also help the revitalisation of the rural economy. It will play a key role in the country’s goal of becoming a $5-trillion economy and create an Atmanirbhar Bharat. This partnership shares mutual synergy of making people financially independent. Furthering digital and technological innovation, Spice Money aims to be a one stop platform for all rural financial needs," Sanjeev added.

On the announcement of partnership, Nitin Aggarwal, CEO, Religare Broking said, “We are delighted to join hands with Spice Money. With LIC IPO on its way, a huge opportunity awaits for new investors and its policyholders. Jointly Religare & Spice Money will play an instrumental role in building a rural India financial inclusion model, combining new age technology with human assistance and bring Ghar Ghar Demat Account. With the help of Spice Adhikaris, each investor willing to invest in IPOs can seamlessly open a Demat account on Dynami App and make informed decisions for a range of investment products."

Gurpreet Sidana, COO, Religare Broking said, “Continuing our promise to offer simplified investment journeys & innovative services, this time we are building a large scale phygital DIY facility with Spice Money for opening Sabse Sasta Demat Account. For new-to-market customers, including the masses, Religare Broking has recently announced new offering that provides Zero brokerage on delivery trades, Zero brokerage on non-profitable intraday trades and options trading at Rs.5 per lot. Our DIY account opening journey and trading platforms are backed by state of the art new age technology and simplified trading experience. Irrespective of the ticket size or location, an investor can seamlessly and affordably participate in capital market linked opportunities."

Rural Fintech Firm Spice Money Further Bolsters Leadership Team to Fast-Track the Growth

Elevates Sanjeev Kumar and Rajneesh Arora as Co-Founders

Spice Money, India’s leading rural fintech, is gearing up to achieve its goal of becoming the country’s largest rural fintech player by strengthening its leadership team. As a step towards this, the company has elevated Sanjeev Kumar from his earlier role of CEO to Co-founder & CEO, where he will drive the company’s strategic business plan that spells growth for both Spice Money and Travel Union. Rajneesh Arora, previously Chief Innovation & Strategy Officer, has now been appointed as Co-founder & Chief Product & Strategy Officer. He will work closely with the Product and Strategy teams to deliver unique and world-class experiences to Spice Money’s partners and end-users. 

Sanjeev and Rajneesh will be supported by a strong team of next-in-line leaders with expertise in different verticals. 

Rajneesh Arora, Co-founder & Chief Product & Strategy Officer, Spice Money

Sanjeev Kumar Co-founder & CEO, Spice Money

This fortified leadership team will fuel the next round of growth for Spice Money by furthering digital and technological innovation, thereby empowering every corner of rural India.

Spice Money has scaled exponentially in the past year, with its Adhikari (merchants / nanopreneurs) network growing to become 8,00,000 strong and its micro-ATM network crossing over a lakh. The company has witnessed a YoY growth of 127% in its GTV as well. Spice Money has also expanded its business to the rural travel sector with the recent launch of Travel Union, India’s first B2B rural travel-tech platform, that addresses the key challenges faced by the rural travel agents and their customers.

Dilip Modi, Founder, Spice Money, said, “Spice Money is all set to move to newer heights of digital and technological transformations. This needs high momentum and laser sharp focus, which will be led by our new and thoughtful leadership. I founded Spice Money with a vision to digitally and financially empower rural India. I am grateful to have found partners in our senior leaders at Spice Money, who understand and share this vision. We want to encourage an entrepreneurial culture through this co-founder approach and I am confident that our momentum will be continued and in fact, accelerated. All of Spice Money’s teams will work towards implementing the right strategies, plans, structures and people in place to successfully achieve our aspiration to become the largest rural fintech company in India."

Spice Money, with a team of over 700 employees, has recently been awarded the ‘Great Place to Work’ Certification, which is one of the most definitive ‘employer-of-choice’ recognitions and is testimony of the company’s incremental efforts towards creating a transparent work culture as well as learning and development.

About Spice Money

Spice Money is India’s leading rural fintech company with over 8,00,000 Adhikaris (entrepreneurs) offering cash deposit, Aadhar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, cash collection centres for customer/agents/representative of NBFC/Banks, airtime recharge, tours & travel, online shopping, Pan Card and mPoS services. Spice Money is a 100% subsidiary of DiGiSPICE Technologies. The vast Adhikari network covers 95% of India’s rural pincodes and serves over 20 million customers every month. Spice Money services are available through Spice Money App (Adhikari App) and web portal. The user-friendly interface and superior technology platform has earned the app a 4.4 star rating, best in industry, on Google Play Store. Spice Money through its cutting edge technology and wide network of Spice Money Adhikaris, is bridging the gaps in access to various financial services for the masses across the length and breadth of India. To know more, visit https://spicemoney.com

Spice Money Partners with Israel’s Leading Fintech Player Tarya to Launch Community-led Rural Lend-Tech platform

The joint venture will combine their technological expertise leveraging data to bring digital transformation and reshape financial inclusion in Bharat

Mumbai, August 31, 2021: Spice Money, India’s leading rural fintech, has entered into a joint venture with Tarya group, Israel’s leading fintech player with 70% P2P market-share in Israel, to bring Bharat to the fore of the ongoing data-led digital revolution by launching a lend-tech platform targeted towards rural India. The synergy between Tarya Fintech and Spice Money will lead to the creation of an innovative, agile, assisted and technologically superior digital lending platform. The JV aims to fill the credit gap in India by offering underserved and underbanked rural India a convenient platform to access credit easily with minimal documentation. This platform will address challenges that have kept rural India financially excluded such as lack of data, limited access and unviable unit economics.

India’s credit gap is estimated to be over $330 billion*. Small businesses and rural consumers find formal credit limited and inaccessible due to the cumbersome application process, lack of financial data, collaterals needed for credit assessment and inappropriate products. This leads to them resorting to often-exploitative informal credit sources. The wide adoption of technologies like Artificial Intelligence (AI) and Machine Learning has turned data into a great enabler for financial inclusion. The credit model in rural India needs to reimagine the products and processes by leveraging AI and ML to enable collection of alternative data, in absence of traditional financial data. This can help to determine a rural business’ credit-worthiness and capabilities.

This new JV would step in with a community lending model enabling rural borrowers to access credit on a digitised assisted platform quickly and seamlessly. The digital lending market in India is expected to grow from $110 billion in 2019 to $350 billion in 2023 on the back of MSMEs’ credit demand of estimated $490 billion along with the increased internet penetration*.

Dilip Modi, Founder, Spice Money, said, “At Spice Money, we serve approx. 20 million monthly transacting customers on an average, through our 7 Lakh Adhikari network across semi urban and rural India. This has helped us observe the multiple financial needs of rural India and the key role that far-reaching technology can play in fulfilling these needs. There is a data and digital-led revolution in financial inclusion waiting to happen in India. Through our joint venture with Tarya, we are confident that we will play an integral role in this revolution in the interiors of our country.” He also added, “One of the major demands has been access to easy loans. Accessible and timely credit is important for the growth of rural India. We have partnered with Tarya to bring in financial inclusion by empowering rural borrowers with access to easy credit. This will further financial freedom in Bharat and lead to overall national development."

Eyal Elhayany, Founder & CEO, Tarya, said, “India has a huge potential for lending technology, especially in rural areas. India is a great country to diversify and expand in due to the sheer size of its economy and the emerging technological opportunities for collaborations. Technological innovations can easily reach the financially underserved parts to accelerate financial inclusion, as can be seen in the great work Spice Money and its Adhikaris have been doing. Leveraging Spice Money’s rural fintech expertise and experience, we aim to tap into the unaddressed rural credit gap and make it easy for rural India to get loans for their growth and development."

About Spice Money

A subsidiary of DiGiSPICE Technologies Ltd., Spice Money is India’s leading rural fintech company with over 700,000 Adhikaris (entrepreneurs) offering cash deposit, cash withdrawals, Aadhar enabled payment system, insurance, loans, bill payments, cash collection centres for customer/agents/representative of NBFC/Banks, airtime recharge, tours & travel, online shopping, Pan Card and mPoS services. It has built 1 lakh mini ATM counters across far flung corners of India providing ease of cash withdrawal to the rural citizens. More than 90% of their network reside in semi-urban and rural India. Spice Money services are available through Spice Money App (Adhikari App) and web portal. The user-friendly interface and superior technology platform has earned the app a 4.4 star rating, best in industry, on Google Play Store. Spice Money through its cutting edge technology and wide network of Spice Money Adhikaris, is bridging the gaps in access to various financial services for the masses across the length and breadth of India. To know more, visit https://spicemoney.com

About Tarya Fintech

Founded in January 2014, Tarya is a Fintech company, reshaping banking by providing a truly unique, digital financial platform with multiple applications, adding value throughout the business's distribution chain. The company offers embedded finance (F-PaaS) for digital financial tools, such as savings, credit, and financial lifetime management. It creates a ripple effect which generates growth loops for its business partners, its customers and the business itself. Tarya provides pioneering innovative fintech solutions for MSMEs, financial Institutions, lending platforms, P2P ecosystems & banks. It has joint ventures with local fintech partners as a P2P or digital banking platform in emerging and developed countries, offering transparent and personalized banking services in Israel, West Africa and now in India. The company is a fintech-partner for Digital-AI-Data modernization. Tarya Fintech is Part of the Tarya Group, an international Israeli-based company operating the largest and fastest growing alternative investment (P2P) platform in Israel a portfolio exceeding USD 1.5 billion, with a default rate of below 0.3%.

With 1 Lakh Micro-ATMs in Rural India, Spice Money Builds India’s Leading ATM Network

Spice Money covers 95% of Indian rural pincodes, ensuring the reach of micro-ATMs to the unbanked and underbanked

Spice Money with its 7 lakh Adhikari network to address the digital and financial services needs of marginalised population in rural India to bring greater inclusivity and financial freedom

Mumbai, August 17, 2021: Spice Money, India’s leading rural fintech, has been promoting financial freedom among the rural population through its mission of bringing financial and digital inclusion to Bharat. In the journey of furthering this mission, Spice Money today announced that it has established a mammoth ATM network with 1 lakh Spice Money Micro-ATMs operating across rural India. Strengthening the ATM infrastructure is a crucial leg in this journey, making the 1 lakh mark a significant milestone. The highest number of traditional ATMs installed by any bank in the country currently stands at approximately 60,000, making Spice Money the fastest growing mATM network in the country. Spice Money witnesses over Rs 1000 crores worth of transaction month on month basis on its mATM network.

India has come a long way since 1921, when traditional banking was closed and the Imperial Bank of India was the only bank offering services to Indians, to opening up to private players in the 1950s and to today becoming one of the leaders in the global banking and fintech revolution. While the access to banking in rural areas has been improving over the years, only 5% of the 6,00,000 villages had a commercial bank branch in 2019. 

When compared to global counterparts, India is among the countries to have the lowest ATM penetration in the world. While the country has nearly 650,000 villages, only one ATM is available for 10 villages. Over 65% of the Indian population resides in rural India, however, rural areas account for only 20 percent of all ATMs in the country. Infrastructural costs, low usage due to lack of awareness, inconsistent availability of electricity, theft, vandalism are some of the major deterrents for ATM operators in rural areas. Such challenges continue to slow down the provision of basic banking amenities to this segment of population.

Rural incomes are rising, pushing up the demand for banking services in rural India. India’s digital footprint is expanding, enabling digital banking solutions that bring the underbanked and unbanked rural areas on the map of the banking system. Spice Money, as a company integrating technology into the rural financial network, is enabling its Adhikaris (banking correspondents), next-door Kirana stores/ stationery shops or any individual with access to internet, to equip themselves with the Spice Money micro-ATMs and turn their businesses into a Spice Money ‘Digital Dukaan’, offering essential banking services of cash withdrawal and deposit to their local communities. Especially during the pandemic induced lockdown, micro ATMs emerged as the key driver to assist people with cash withdrawal and other essential services. Spice Money’s mATM network grew multifold from just over 18,000 in Feb 2020 to over 1,00,000 as on today. The Company covers 95% of the rural pincodes in India with more than 7 lakh Adhikaris on its network, maximising the reach of the micro-ATMs to the financially underserved and cash-driven parts of the nation.

Sanjeev Kumar, Chief Executive Officer, Spice Money, said, "Spice Money’s mission since its establishment has been financial inclusion of the rural population of Bharat, thereby, bringing in greater financial freedom to end users as well as our rural entrepreneurs, Adhikaris. As we step into the 75th year of Indian Independence, we are privileged to be celebrating this landmark year by delivering on this promise."

Sanjeev further added, “As of March-end 2021, India had just 2.39 lakh ATMs for a population of over 1.3 billion. This number establishes the inadequacy of the ATM infrastructure in our country to address the needs of the semi-urban and rural economy that is growing on the back of direct benefit transfers through Jan Dhan accounts. The ATM network in these parts has, in many cases, witnessed a de-growth, causing the cash-heavy economy to struggle with low access to digital financial services. This is a huge deterrent for financial inclusion in the country. Spice Money has persistently been working towards expanding the micro-ATM network to all corners of India bringing financial and digital empowerment so that rural consumers can access their own money and attain financial freedom. While establishing a lakh-strong ATM network is a milestone for us, we will continue growing our reach and supporting more rural customers in their financial needs."

Sonu Sood, Brand Ambassador and Advisory Board Member, Spice Money, said, “I have been supporting small businesses with more growth opportunities so that they can prosper and also benefit the local community that they operate in. Spice Money micro ATM is a perfect fit for such small business owners who can now convert their businesses to Spice Money Digital Dukaan, in zero cost, and provide an additional service of essential banking products to their customers. Micro-ATMs can play the increasingly crucial role of bridging the gap in financial services by bringing the convenience of banking transactions right to the next door kirana stores in rural India.”

Earlier this year, Spice Money introduced an initiative offering the company’s micro-ATM devices at effective zero cost to further accelerate its vision of financial inclusion and encourage Adhikaris to become a part of building an extensive ATM network. In May 2021, Spice Money became the first company to introduce an ATM in India’s last village, Chitkul, Himachal Pradesh, where one of the only two kirana stores was converted into a Spice Money Digital Dukaan after being equipped with a micro-ATM. Before this, the closest ATM for the residents of Chitkul had been 25 kilometres away in Sangla. Spice Money plans to cover more such far flung remote areas with its micro ATM network.

About Spice Money

Spice Money is India’s leading rural fintech company with over 700,000 Adhikaris (entrepreneurs) offering cash deposit, Aadhar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, cash collection centre for customer/agents/representative of NBFC/Banks, airtime recharge, tours & travel, online shopping, Pan Card and mPoS services. More than 90% of their network reside in semi-urban and rural India. Spice Money services are available through Spice Money App (Adhikari App) and web portal. The user-friendly interface and superior technology platform has earned the app a 4.4 star rating, best in industry, on Google Play Store. Spice Money through its cutting edge technology and wide network of Spice Money Adhikaris, is bridging the gaps in access to various financial services for the masses across the length and breadth of India. To know more, visit https://spicemoney.com

Spice Money appoints Sanjeev Kumar as CEO to accelerate growth and expansion

Spice Money appoints Sanjeev Kumar as CEO to accelerate growth and expansion

Mumbai, April 06, 2021: Spice Money, India's leading rural fintech, announced the appointment of Sanjeev Kumar as its Chief Executive Officer, effective March 31, 2021. He will be reporting to Dilip Modi, Founder, Spice Money.

Sanjeev Kumar, in his earlier role of Chief Growth Officer, has contributed to the rapid growth of Spice Money through his ability to strategize and execute relentlessly. Even in a year of pandemic and lockdown, it was Sanjeev's vision that helped the company not only to stay afloat but to grow in leaps and bounds.

Dilip Modi, Founder, Spice Money said on the appointment, "Sanjeev has helped create a culture of growth and success within Spice Money that has empowered the team to innovate with passion and purpose every day. His leadership during the last financial year has enabled us to grow over 100%. As we continue with the mission of digitally and financially empowering 1 crore rural entrepreneurs, Sanjeev will bring a deep focus towards achieving this along with strategy development and execution aiding us to expand our business horizons in multiple directions. I wish Sanjeev continued success in his new role and look forward to greater achievements."

On this occasion, Sanjeev Kumar, CEO, Spice Money said, "I am honored and delighted to have this opportunity to lead Spice Money at such a crucial juncture. We are already one of the leading rural fintech players in India and my aim is to make Spice Money the most admired rural fintech in the country. The last one year has been challenging but a rewarding one where we have grown from strength to strength primarily owing to robust strategy, market capability, superior technology and organizational culture. The support and commitment of the team has given me the confidence to shoulder the responsibilities of this new role. I look forward to building on the great foundation and growth potential of the business."

Sanjeev Kumar is an accomplished industry leader with close to 20 years of extensive experience across Banking, Payments & Insurance sector. Prior to Spice Money, Sanjeev was associated with Jio Payments Bank, where he led Sales and Distribution and was a part of the core start-up team contributing to the creation of the business strategy for the company. He has also worked with companies such as Yes Bank, where he spent over 12 years, Max New York Life Insurance, Bajaj Allianz and Infosys Technologies.

About Spice Money

Spice Money is India's leading rural fintech company with close to 500,000 Adhikaris (entrepreneurs) offering cash deposit, Aadhar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, cash collection centre for customer/agents/representative of NBFC/Banks, airtime recharge, tours & travel, online shopping, Pan Card and mPoS services. More than 90% of their network reside in semi-urban and rural India. Spice Money services are available through Spice Money App (Adhikari App) and web portal. The user-friendly interface and superior technology platform has earned the app a 4.4 star rating, best in industry, on Google Play Store. Spice Money through its cutting edge technology and wide network of Spice Money Adhikaris, is bridging the gaps in access to various financial services for the masses across the length and breadth of India."

Actor Sonu Sood Partners with Rural Fintech Firm Spice Money to Empower Over 1 Crore Rural Entrepreneurs

Spice Money, India’s leading rural fintech firm, today announced that the company has joined hands with actor, humanitarian and philanthropist, Sonu Sood to achieve their mutual vision to digitally and financially empower 1 crore rural entrepreneurs. 

Since the start of the COVID-19 pandemic Sonu Sood’s goal has been to help those in need in the remotest corners of the country, while Spice Money’s aim has been to strengthen the country’s rural economy through digital empowerment and financial inclusion. Given their common vision to digitally uplift rural India, Sonu Sood and Spice Money will jointly work towards creating an entrepreneurial mindset in towns and villages. As part of the association, Sonu Sood will own equity stake in the company and has been appointed as a Non-Executive Advisory Board Member. 

Spice Money will ideate collectively with Sonu Sood to design new initiatives and products that will bridge the divide between rural and urban India. Spice Money will also enable select existing programs developed by Sonu Sood during the lockdown, to be made available on the Spice Money platform. 

As a Non Executive Advisory board member Sonu will contribute in building the network of entrepreneurs, while encouraging financial inclusion and digital empowerment in rural India. Sonu Sood will work with Spice Money Adhikaris (entrepreneurs) to develop an appetite for digital product offerings thus, accelerating their digital journey through technology adoption. Sonu Sood will also be seen as Spice Money’s first brand ambassador. 

Dilip Modi, Founder of Spice Money said, “Spice Money is on a mission to digitally and financially empower over 1 crore rural entrepreneurs. We are thrilled to have in Sonu Sood, a partner who shares the same passion. We will together enable Indians to harness the power of technology in earning an independent livelihood without having to leave their homes and families. This strategic association will leverage digital solutions and knowledge creation through the Spice Money platform, to promote self-reliance, entrepreneurship and financial inclusion in every corner of ‘Bharat’.” 

Dilip Modi, Founder, Spice Money

Speaking on the occasion Sonu Sood said, “I strongly believe that together, we will chart the future for an Aatmanirbhar Bharat. Humein har gaon ko digitally saksham banaana hai. Through my experiences over the last few months, I have gained an eye-opening perspective on the needs and struggles of the people in towns and villages of India. My vision is to make my countrymen, socio-economically independent and self-reliant using technology. My association with Spice Money will help us jointly achieve just that. The company’s technology prowess and extensive reach in the country gave me an unparalleled platform to reach out to citizens in rural India."


Since the beginning of its operations in 2015, Spice Money has been focusing on financial inclusion with nearly 90% of its digital Adhikaris (entrepreneurs) being in semi-urban and rural India. The company’s endeavor has been to bridge the gap between the served and the under-served, providing digital and financial services to customers at their doorstep. Spice Money has been progressing at a rapid pace, towards covering 18,000+ pin codes, 700+ districts and 5000+ blocks in India.

About Spice Money

Spice Money is India’s leading rural fintech company with close to 500,000 Adhikaris (entrepreneurs) offering cash deposit, aadhar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, cash collection centre for customer/agents/representative of NBFC/Banks, airtime recharge, tours & travel, online shopping,, Pan Card and mPoS services. Spice Money services are available through Spice Money App (Adhikari App) and web portal. Spice Money through its cutting edge technology and wide network of Spice Money Adhikaris, is bridging the gaps in access to various financial services for the masses across the length and breadth of India." To know more, visit https://spicemoney.com/.