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B2B2C fintech startup SPARE8 raises funding to reorganize India's Gold Investment landscape! Spare8, a Mumbai-based B2B2C fintech startup, has raised an undisclosed amount in its latest funding round. The round was led by Param Agrawal, son of renowned investor Mayank Agrawal, along with Rajiv Shastri, the former CEO of NJ Asset Management. Previously, it raised a pre-seed round of $800,000 in August 2022, which was backed by prominent investors including 2am VC, Varanium Capital, Magic Fund, Incisive Ventures and Broom Ventures and several others. While the pre-seed investment focused on establishing the platform, onboarding initial users and building the tech stack, the latest funding will drive scaling operations, enhancing technology, and expanding distribution networks across India. What does Spare8 do? Founded by Ronit Harisingani and Shardul Saiya, Spare8 is a B2B2C fintech startup focused on making gold more accessible in India. The platform provides a seamless investment experience through a user-friendly platform tailored specifically for Indian investors. By bridging the gap between traditional gold investment methods and the modern digital economy, the startup empowers users to grow their portfolios while earning steady returns of up to 16% annually. It aims to simplify wealth-building through the trusted asset of gold. "At Spare8, our goal is to empower distributors with a seamless platform to bring gold investments to the masses while ensuring transparency and profitability. This funding marks an exciting new chapter for us as we scale our reach and continue to innovate. We’re excited to have the support of such esteemed investors who share our vision of transforming the gold investment landscape," said Ronit Harisingani, Co-Founder and CEO of Spare8. Plans to launch tools to enable tracking of gold investments Spare8 said that its unique distributor-first model ensures a seamless and secure gold investment experience, empowering distributors to onboard clients efficiently and earn recurring income through annual commissions. The startup has also introduced innovative features, such as enabling companies to offer digital gold as an employee benefit. Additionally, it plans to launch tools to help distributors easily track their clients’ gold investments and maintain seamless engagement. “Gold has stood the test of time as a reliable store of value, and Spare8 is uniquely positioned to bridge the gap between traditional gold investment and modern financial solutions. Their distributor-first model is not only innovative but also scalable, enabling them to tap into both retail and institutional markets effectively," said investor Rajiv Shastri.