Mumbai-based Spare8, a micro-investment platform helping users to create an effortless daily investment habit, has raised $770,000 in a pre-Seed funding round led by 2am VC, along with the participation from Broom Ventures, Incisive Ventures, Varanium Capital, and Magic Fund.
Several marquee angel investors such as Ajay Adiseshan (Founder – Paymate), Anoop Mathur (Founder – Core Media), Jaydeep Deshpande (Head of Marketing – Google Cloud, India), Yagnesh Sanghrajka (Founder & CFO – 100xVC) and Sachin Seth (CEO – BSE EBIX Insurance) also participated in the round.
Founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 said it is working strenuously on a mission to simplify the way consumers invest, spend, see and save money. “Through our app you can invest your spare change with each online transaction and auto-invest a fixed amount every day,” said Ronit Harisingani.
The startup also said its largest customer base comes from tier-II cities such as Jaipur, Indore, Patna and Lucknow. It now plans to target a broader demographic that has less access to capital and less time in hand.
Considering that consumers’ spending habits are continuously increasing, there is a dire need for a concrete bridge between spending and investing. Filling this gap, the product aims to cater to everyone who wants to create an effortless savings habit, it said.
According to the company’s statement, The raised capital will be used to strengthen growth and marketing initiatives along with building a quality team to scale up.
Within the first four weeks of launch, Ronit said, The app’s daily active user base had spread across 26 states. Currently, the app has recorded more than 30K downloads, he said. “We are glad that our vision struck a chord with so many users and we are constantly working on adding more value to their lives,” Ronit added.
Speaking on the investment, Hershel Mehta, Co-Founder of 2am VC, said, “As a leading VC firm, we have often led funding rounds for startups with massive potential. Spare8 is one such startup! We firmly believe Spare8’s growth has been purely organic, driven by their cutting-edge technology integration and innovative approach.”
“In fact, Spare8’s app has the fastest on-boarding process which takes less than 30 seconds! We see a great possibility for this company as it helps users create an effortless investing habit. We are confident that Spare8 will continue registering unprecedented growth and make the best of the recently raised capital,” Hershel said.
Source @Indianstartupnews
