In a conversation with  Ronit Harisingani, Co-Founder, Spare8. How Spare8, a micro investment platform helps their users to invest.

With  a mission to simplify the way people invest, spend, see and save money. We’re building a new kind of micro investment platform, one that lives on your smartphone and built for the way you live today. The vision at Spare8 is to create a change in approach to how Indians save, with less than 3% of the Indian population actually saving or investing, we believe we can bridge the gap, and guide people to building safer financial habits while educating them to have a safer and financially stable future.


  1.  Tell us more about Spare8 –

Spare8’s mission is to transform the way consumers manage their finances. Our slogan, “Spending is the new investing,” reflects our dedication to assisting Indians in developing better saving habits. With only 3% of the Indian population currently saving or investing, we hope to close the gap and educate people on how to build a financially secure future.

We are adamant that low-income groups have an equal opportunity to leverage and build a better future for themselves, which is why we are concentrating our efforts in tier two and three cities.


2. Tell us about the Co-founder of Spare8, Ronit Harisingani?

Being a young and aspiring fin-tech entrepreneur, Ronit is on a mission to bring a change to the way Indians save.

Having worked with an Industry giant i.e Centrum Capital and aiding in closing a $66 million AIF fund, Ronit felt the need to use his passion and knowledge in finance and to set out to help Indians understand wealth and educate them to build a sustainable future.

In the year 2021, Ronit along with Shardul built Spare8.  A platform that simplifies the way people spend,  invest, see and save money. With approximately only 3% of the Indian economy that actually saves or invests, they adapted the application to be more interesting and while gamifying the approach to help users build a habit of saving over time, By leveraging upon the UPI 2.0 tech stack, he’s making Spending the new Investing extremely seamless.


3.  What is the gap that you are trying to bridge through your venture?

Spare8’s mission is to help the Indian population close the savings and investment gap. We intend to accomplish this by assisting individuals in developing sound financial habits and educating them on how to build a financially secure future. Our app is specifically designed to make saving and investing simple and straightforward by utilizing a well-known financial instrument, gold. This approach enables us to assist people in developing a habit of saving and investing without them even realizing it.


4.  Tell us the role played by technology in elevating micro-investing in India

For years, banks have attempted to reach the Indian masses with their financial products, but despite billions of dollars invested, they have only reached a small percentage of the population. However, the implementation of the Digital India Initiatives, including the Unified Payments Interface (UPI), has resulted in a significant transformation of India’s payments landscape. As a result, India now has more real-time online transactions than the United States, United Kingdom, and China combined. The UPI has also allowed India to provide fractional investing capabilities comparable to those found in the United States.


5. How will micro-investing apps help in the larger scheme of things?

In the grand scheme of things, micro-investing apps like Spare8 can help in several ways:

  1. Increase savings and investment: Micro-investing apps make it simple and accessible for individuals to begin saving and investing small amounts of money, which can contribute to the country’s overall savings and investment rate.
  2. Financial education: Micro-investing apps also offer educational resources to help people learn the fundamentals of investing and personal finance. This can lead to better financial decision-making and financial literacy.
  3. Long-term thinking is encouraged by micro-investing apps. This can assist in shifting the emphasis from immediate gratification to long-term financial goals.
  4. Increase financial inclusion: Micro-investing apps can help increase financial inclusion by making it simple for people with low incomes or who are illiterate in financial matters to begin saving and investing.
  5. Diversify investment: Micro-investing apps can help investors diversify their portfolios by allowing them to invest in a variety of assets such as stocks, bonds, gold, and other assets.

Overall, micro-investing apps have the potential to help individuals save, invest, and secure their financial future.


6. How does an app like Spare8 help young India save better?

An app like Spare8 can help young India save better in several ways:

  1. Automatic savings: Spare8 allows users to set up automatic savings plans, where a small amount of money is automatically transferred from their bank account to their Spare8 account on a regular basis. This can help young people develop the habit of saving without having to think about it.
  2. Low-cost and easy to use: Spare8 makes it easy and affordable for young people to start investing. Users can start investing with as little as ₹1 and the app is user-friendly, making it easy to navigate.
  3. Educational resources: Spare8 provides educational resources, such as articles and videos, to help young people learn about personal finance and investing. This can help them make better financial decisions and plan for their financial future.
  4. Investing in gold: Spare8 allows users to invest in gold, a traditional and familiar investment in India which is considered as a safe haven.
  5. Diversifying investments: Spare8 provides opportunities for young investors to diversify their investment portfolio by investing in digital gold and other assets.

Overall, Spare8 can help young India save better by providing a convenient, low-cost, and easy-to-use platform that encourages automatic savings, provides educational resources, and allows for investing in assets such as digital gold.


7. Tell us about the scope of micro-investing in India

The scope of micro-investing in India is significant, as it can help increase savings and investment rates among the population, improve financial literacy, and promote financial inclusion.

  1. Low savings and investment rate: According to a report by the Reserve Bank of India (RBI), the savings rate in India is around 30%, which is low compared to other developing countries. Micro-investing apps can help increase the savings rate by making it easy for people to start saving small amounts of money.
  2. Financial inclusion: Micro-investing apps can help increase financial inclusion by making it easy for people with low income or who are not financially literate to start saving and investing.
  3. Education: Micro-investing apps can also provide educational resources to help individuals understand the basics of investing and personal finance, which can lead to better financial decision-making.
  4. Diversifying investments: Micro-investing apps can also provide opportunities for young investors to diversify their investment portfolio by investing in a variety of assets such as stocks, bonds, gold, and other assets.
  5. Digital India Initiative: The Digital India Initiative, which aims to increase digital literacy and digital infrastructure in India, has also provided a boost to the micro-investing industry. With the implementation of the Unified Payments Interface (UPI), it has become easier for people to make digital transactions, making it easier for them to use micro-investing apps.

Overall, the scope of micro-investing in India is large, as it can help increase savings and investment rates, improve financial literacy, promote financial inclusion and provide access to a variety of investments to a large population.

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