VC, a US-based early-stage venture capital firm, along with Broom Ventures, Incisive Ventures, Varanium Capital, and Magic Fund, has invested INR 60 Million in Spare8, a micro-investment app. 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 joined this pre-seed funding round led by 2am VC.
Spare8 is a micro-investment app working strenuously on a mission to simplify the way consumers invest, spend, see and save money. The brainchild of Ronit Harisingani and Shardul Saiya, Spare8 was founded in 2021.
Spare8’s largest customer base is 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.
Hershel Mehta, Co-Founder, 2 am 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 onboarding 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.”
Ronit Harisingani, Co-Founder, Spare8, said “We are grateful and humbled to have received such tremendous response from top tier investors. 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. Currently, our app has recorded more than 30K downloads. 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.”
The brand aims to strengthen its marketing and growth initiatives through this recent funding. It will also use this to build a lean but qualitatively strong team to scale quickly.