Spare8, a micro-investment app, has raised $7.70 million in a pre-seed round deal from investors such as 2am VC, Broom Ventures, Incisive Ventures, Varanium Capital, and Magic Fund, it said on Friday.
Angels investors such as Ajay Adiseshan, Founder, Paymate; Anoop Mathur, Founder, Core Media; Jaydeep Deshpande, head of marketing, Google Cloud, India; Yagnesh Sanghrajka, Founder and CFO, 100xVC; and Sachin Seth, CEO, BSE-EBIX Insurance, also participated in the round.
The startup said it aims to use the funding to strengthen its marketing and growth initiatives, as well as hire more people.
“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,” said Ronit Harisingani.
The app, founded in 2021 by Ronit Harisingani and Shardul Saiya, currently has more than 30,000 downloads, and a user base across 26 states in India.
“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,” said Hershel Mehta, Co-founder at 2am VC, a US-based early-stage venture capital firm.
Spare8 says its largest customer base is from tier-II cities such as Jaipur, Indore, Patna and Lucknow. It aims to help people cultivate a savings habit.
