A rural fintech company, Spice Money’s journey began with the vision of bridging the rural-urban divide by addressing two major challenges—lack of access to banking and financial services as well as rising unemployment across the hinterlands of India. “We at Spice Money have taken essential steps to provide rural consumers with a host of services owing to our technological expertise and deep understanding of rural markets,” says the company founder, Dilip Modi.
The company has created a phygital super app, moving beyond basic banking, and providing services like travel, investment, modern banking etc. “Our vast network of nanopreneurs, also known as Spice Money Adhikaris, act as local banking partners and influencers who assist rural customers while availing the services through our phygital super app or web portal in a simple and secure manner,” Modi informs. “We have successfully onboarded more than 1 million Adhikaris on our platform catering to 20 million monthly customers.”
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According to Modi, the phygital model has helped the company in expanding its reach to the last mile as it offers a mix of the company’s technological expertise as well as physical assistance through local Adhikaris. “Our business also has a social impact, as it offers self-employment opportunities to those living in even the remotest corners of India, and a larger impact on the community through the access of digital financial services.”
Spice Money is a subsidiary of DiGiSPICE Technologies, which is a listed entity. It is building a marketplace to meet all essential banking and financial needs of rural citizens by offering a variety of products. “We are witnessing massive year on year growth. Driven by positive margins, some parameters are: Customer GTV growth at 45% y-o-y, service fee revenue growth at 49% y-o-y. Ebitda growth at 35% y-o-y, Adhikari network nearly doubled to 1 million in FY22”, he reveals.
With the help of the recent ONDC initiative, rural customers will be able to receive intercity delivery and purchase any product or service from any seller on the network through the Spice Money app. “ONDC will solve the problem of discoverability for small local businesses, like the ones owned by Spice Money Adhikaris stores, the business which is currently limited to their localities,” says Modi.
Going forward, the rural fintech firm intends to expanding its reach into the hinterland, bringing more nanopreneurs on board, and train them to deliver essential financial services to their communities, while also bringing in a gamut of other services, like healthcare, ecommerce, etc, to their doorsteps in the near future.
“We want to address all the digital needs of rural communities, while staying true to our vision of revolutionising the way Bharat banks,” he adds.
BRIDGING THE DIVIDE
Company provides essential digital financial and e-retail services
Spice Money Adhikaris act as local banking partners
Onboarded more than 1 million Adhikaris as on date
These cater to 20 million monthly customers