Spice Money

Spice Money works on an asset-light model, onboarding nanopreneurs who run its Phygital Super App from their own smartphones/shops with no added infrastructure cost.

Mission of digitally and financially empowering rural entrepreneurs through the Spice Money Adhikari (Merchant Entrepreneur) Network.

Reduces enterprises' cost and time to cash versus traveling to bank branches, by letting them deposit collections at a nearby Adhikari point.

Local micro-entrepreneurs onboarded as agents to run Spice Money's assisted banking counters in their homes or shops.

End consumers in semi-urban and rural India who need digital and financial services via the Adhikari network.

Enterprises that tie up with Spice Money's cash management services to collect cash from customers via the Adhikari network and move it to their bank branches.

Spice Money engages local individuals (Adhikaris) to assist its customers with banking requirements, rather than pure self-serve digital banking.

On its BBPS bill-collection platform, at least half of unique customer accounts are repeat customers, indicating recurring agent-customer usage behaviour.

Physical, agent-run touchpoints operating out of Adhikaris' homes or shops using the Phygital Super App on smartphones or laptops.

Spice Money's distribution model through which it onboards multiple partners and takes their services to the last mile.

Presence across more than 95% of rural pin codes and 700+ districts in India.

Operates as a market leader in the Aadhaar-enabled Payment System (AePS) segment, processing cash withdrawal transactions for customers via Adhikaris.

Continuously onboards and grows its nanopreneur (Adhikari) network across Indian villages, districts and blocks.

Ties up with MFIs, NBFCs and e-commerce companies to collect cash via Adhikari points and move it digitally to their bank branches.

Holds a PPI (Prepaid Payment Instrument) license from RBI (2015) and a BBPOU (Bharat Bill Payment Operating Unit) license (January 2018).

Grew from 241,000 merchant Adhikaris in FY20 to close to 1.4 million by September FY25.

Runs on Google Cloud infrastructure including Apigee API management, BigQuery data warehouse, Firebase, Cloud Pub/Sub and Cloud Speech-to-Text for vernacular voice assistance.

Partnered with NSDL Payments Bank and Axis Bank, enabling the opening of zero-balance savings/current accounts for rural citizens through the Adhikari platform.

Operates the Bharat Bill Payment System, which is a product of NPCI, under its BBPOU license.

Technology partner providing Apigee, BigQuery, Firebase and other cloud infrastructure powering the Spice Money platform; won three Google Cloud Customer Awards in 2021.

In September 2023, formed a strategic partnership with Grameen Foundation for Social Impact (GFSI) India, a non-profit supporting underserved communities.

Partners with BCG to build the largest financial and digital services platform for Bharat.

Commission-based service-fee revenue earned on the gross transaction value processed by Adhikaris, primarily AePS cash withdrawal.

Merchants subscribe to monthly, bi-monthly or 2-3 month packs to earn higher commissions per transaction, functioning as a loyalty/revenue program.

Revenue from the BBPS product line (bill payments: EMI, electricity, DTH, recharge, gas, water) run under Spice Money's NPCI-issued BBPOU license.

Indirect costs rose due to corporate restructuring (merger and NBFC acquisition process), the annual increment cycle, and new hires for the credit and UPI (Spice Pay) verticals.