Spice Money – Startup Story | Founder| CEO | Funding | History | Competitors

Introduction:

Spice Money is India’s main Rural Fintech corporation empowering merchants / nanopreneurs, referred to as Spice Money Adhikaris thru generation to cater to the virtual and economic wishes of rural residents in India. Spice Money thru its contemporary generation and huge community of Spice Money Adhikaris, is bridging the gaps in get admission to to diverse economic offerings for the hundreds throughout the period and breadth of India.

Ok so lets today discus about the start up story of Spice Money along with the founder, CEO, Spice Money history and Spice Money competitors.

About:

A 100% subsidiary of DiGiSPICE Technologies (NSE: DIGISPICE), Spice Money gives crucial virtual economic and e-retail offerings which include coins deposit and Aadhaar led withdrawals, mini ATM offerings, invoice bills and recharge, cash transfers, loans, excursions and tour and extra to the agricultural residents thru Spice Money Adhikari App (to be had on Google play shop with an enterprise satisfactory score of 4.4) and Web portal.

The Spice Money community, comprising greater than 10 lakh Adhikaris, covers greater than 18,000 pin codes, seven-hundred districts and 5,000 blocks, serving over 10 crore households. In fact, the community now covers 95% rural pin codes in India.

A regulated entity below the Reserve Bank of India, the enterprise own all of the applicable licenses like Prepaid Instruments License (PPI) & Bharat Bill Payment System (BBPS), GSP License, IRCTC, and the Corporate Agency license for Insurance through IRDA

Spice Money has partnered with diverse institutions, banks, carrier companies allowing the enterprise to release diverse products & offerings that assist the community and client base in inclusive growth.

Spice Money is likewise constructing India’s biggest mATM Network to cope with the crucial difficulty of inaccessibility to ATMs and bodily banking infrastructure for the ones residing in rural India. Spice Money has efficaciously activated greater than 1,00,000 micro-ATMs at some point of its community. As a sworn statement of its commitment, Spice Money has even blanketed India’s ultimate village, Chitkul with its first actual ATM community.

Spice Money is continuously running toward riding modern tech-pushed answers to empower rural residents and force economic inclusion throughout the country.

Spice Money Founder & Team:

Bhupendra Kumar Modi is the founding father of spice money. Spice Money is a Financial Services enterprise and has headquarters in Noida, Uttar Pradesh, India.

Spice Money History:

Now lets discuss about Spice Money history.

Spice Digital became included in 2000 via way of means of Bhupendra Kumar Modi with a group of workers of 13. In July 2006, the employer invested Rs a hundred crores to soup up its generation and extend its product line and installation a Rs 50 crore incubation fund for start-up ventures. By 2006, the employer hired four hundred people. It remodeled its operations in 2007 to decorate its studies and improvement capabilities. 

• 2000:
  • Company inception – servicing telecom operators in India.
• 2009:
  • SDL included Spice VAS Africa (SVA) with a neighborhood handling partner.
• 2012:
  • SDL began out new enterprise units:
  • Data Analytics
  • Financial Services – Spice Money
  • Mobile Internet
  • Mobile Marketing
  • Enterprise Mobility
• 2013:
  • Launched B2B Travel & Tourism answer with the enterprise call Spice Money.
• 2014:
  • Launched top rate e-ticketing platform bdtickets.com in Bangladesh.
• 2015:
  • Invested in generation organization Creative Function Apps
  • Acquired stake in Anytime Learning Private Limited
  • Received PPI License[4] from RBI
  • Launched cell wallet ‘Spice Money’ specializing in home remittances
• 2016:
  • Formed a joint assignment with Adgyde Solutions for constructing analytics-primarily based totally answers
  • In essential approval from RBI to function below Bharat Bill Payment System
  • Created IoT Solutions for clever houses and clever cities
• 2017:
  • Launched Aadhar enabled charge machine services
  • Launched Bharat invoice charge machine services
  • Expanded companies in Indonesia and Dubai
• 2018:
  • In Mid of 2018, Spice Money reached a gross transaction fee of $1 billion

Spice Money Name & Logo:

Spice Money Revenue:

It’s legal proportion capital is INR a hundred.00 cr and the overall paid-up capital is INR 77.05 cr. Spice Money Limited’s running sales variety is Over INR 500 cr for the economic yr finishing on 31 March, 2021. It’s EBITDA has elevated via way of means of 136.81 % over the preceding yr.

Spice Money Funding & Investors:

Spice Money’s contemporary investment spherical became a Angel for on December 15, 2020. Spice Money has 1 investors. Sonu Sood invested in Spice Money’s Angel investment spherical. It has investment of $15.4M.

Spice Money Revenue Model:

Spice Money gives agent-primarily based totally charge answers to purchasers and companies. It gives answers inclusive of coins deposit, coins withdrawal, cash transfer, invoice payments, Aadhaar enabled services, air time recharge, railway ticketing booking, MPOS, QR code payments, virtual payments, and more. It functions an app-primarily based totally platform this is to be had for Android devices.

Spice Money Startup Overview:

Lets check the Spice Money overview which is details of Spice Money –

Other Services Offered via Spice Money:

Spice Money gives crucial virtual monetary and e-retail offerings together with coins deposit and Aadhaar led withdrawals, mini ATM offerings, invoice bills and recharge, cash transfers, loans, excursions and journey and extra to the agricultural citizens.

Spice Money Awards & Recognition:

Recently, Spice Money has additionally been presented Excellence in Neo Banking on the second ASSOCHAM Annual Conclave FinTech & Digital Payments – 2021 and Best BFSI Brands 2021‘ through The Economic Times

Spice Money Competitors:

Talking approximately Spice Money competitors –

• rnfi.in: RNFI portal wherein you could make virtual bills like AEPS cash switch cellular recharge etc.
• cesc.co.in: CESC is India’s first completely incorporated electric software organization and we have got been on an epic journey ever on account that 1899 in producing and dispensing electricity in Kolkata and Howrah.
• payworldindia.com: Indias main unmarried factor of AEPS, Money Transfer, Cash Point, Assisted E-Shopping.
• tax2win.biz: Tax2win is the dependable supply to e-File Income Tax Return for FY 2021-22 (AY 2022-23).

Spice Money Latest News:

• Apr 28, 2022: Business, Technology, Startups and Science News and Trends in India, IndianWeb2.com — Rural Fintech Spice Money and Religare Broking Take the LIC IPO to ten Crore Rural Households.
• Dec 23, 2021: livemint.com — RBI slaps first-rate on Mobikwik and Spice Money for non-compliance of norms.
• Dec 23, 2021: Telegraph India — RBI imposes penalty on One Mobikwik Systems, Spice Money.
• Dec 8, 2021: GlobalFinTechSeries — Spice Money Further Bolsters Leadership Team to Fast Track the Growth.
• Dec 7, 2021: VCCircle — Spice Money promotes  executives as Co-founders.
• Oct 27, 2021: ETtech.com — Spice Money strengthens its senior management team.

Spice Money Future Plans:

The constrained length zero-funding programme will form Spice Money’s imaginative and prescient to digitally and financially empower 1 crore rural marketers throughout the country, and give a boost to the organization’s virtual bills surroundings in semi-city and rural areas.

FAQs About Spice Money:

Is Spice cash accredited through RBI?

Spice Money Wallet is an RBI accredited semi-closed PPI pockets related to the sender’s cellular quantity which makes it very steady.

How do I withdraw cash from Spice cash?

Guy’s b2b spice cash offers Mini ATM technology. It lets you withdraw the customer’s coins through the use of their ATM Card. They simply change their card in Spice Money Mini ATM to withdraw their cash. You can see the photo of this mini ATM below.

How does spice cash work?

Spice Money offers all its retailers a medium to ee-e book railway tickets, in order to assist them in turning into an IRCTC legal educate ticketing agency. This characteristic may also assist them in incomes a big quantity pass cash as a fee on promoting every price price tag and additionally offers them with month-to-month incentive plans.

Who is the proprietor of Spice cash?

Dilip Modi 

Is Spice cash legal?

Spice Digital Limited (SDL) has acquired the very last licence from the Reserve Bank of India (RBI), permitting the organization to technique invoice bills as a Bharat Bill Payment Operating Unit (BBPOU) withinside the Bharat Bill Payment System (BBPS).

Is Spice cash legal?

It is an assisted store version that lets in coins switch from retail locations & immediate fund switch to all financial institution debts throughout India.

When changed into Spice Money founded?

2000.

Conclusion:

Overall, the b2b Spice Money app for traders is a super initiative taken through the Spice Group that focusses on monetary inclusion in semi-city and rural India. The offerings supplied through the Spice Money help in having access to monetary offerings at convenience, with out journeying financial institution branches in real-time. Moreover, the platform, imparting a user-pleasant interface is steady to apply with more than one layers of authentication to make certain security.