Spare8, a micro-investment app, has raised $770K in its pre-seed round led by 2am VC, along with Broom Ventures, Incisive Ventures, Varanium Capital and Magic Fund. Ajay Adiseshan, Anoop Mathur, Jaydeep Deshpande, Yagnesh Sanghrajka and Sachin also joined the round.
The funds will be used to strengthen the marketing, growth initiatives and to build a lean but qualitatively strong team to scale quickly.
Founded in 2021 by Ronit Harisingani and Shardul Saiya, Spare8 is a micro investment platform for users to create daily investment habit and be rewarded for the same.
Spare8’s majority customer base is from tier-II cities such as Jaipur, Indore, Patna and Lucknow.
The Mumbai-based startup competes with the likes of Jar, Deciml, Gullak, Numbr and Zeffo among others.
Recently, Tiger Global-backed Jar unveiled a new employee stock option plan (ESOP) for its employees worth around $13 million.