November 29, 2022

Rural fintech Spice Cash is trying to broaden past funds into different monetary merchandise and scale up its community.

“We wish to transcend simply funds to different monetary merchandise like credit score, financial savings and insurance coverage. As we’re a tech platform, we’re additionally being leveraged by producers for constructing digital merchandise round cellular well being, cellular training and jobs, which might combine into our platform and attain out to our prospects,” stated Dilip Modi, founder, Spice Cash.

Many shoppers are already utilizing the Spice Cash platform for reserving on-line medical consultations.

E-commerce firms are additionally utilizing the platform to e book orders, ship items, gather money.

“The target is to deliver individuals within the rural areas on to formal monetary fold. We’re engaged on a number of merchandise with totally different firms,” Modi stated, including that within the final six months, the corporate has on-boarded a big variety of enterprises and has seen total transactions on the platform enhance.

He stated that prospects are additionally going for cost merchandise like invoice funds and recharge aside from money withdrawals and deposits.

With the beginning of the second wave of the pandemic in April 2021, AePS transactions on Spice Cash registered a file excessive of Rs 100 crore every day.

“Within the final 12-18 months, we have now seen three to 3 and a half occasions development in variety of transactions and gross transaction worth,” he stated.

Modi stated the corporate at present serves about 2.5 crore prospects per thirty days however desires to scale it as much as 10 crore over a time period.

It has additionally onboarded 2.36 lakh Adhikaris or rural entrepreneurs since March 2020. Within the final quarter, 1.3 lakh Adhikaris joined the Spice Cash community, taking the variety of Adhikaris to five.37 lakh in March 2021 from 1.64 lakh a yr in the past.

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