About Spice Money
Spice Money is a Financial Services company based in Noida (India) founded in 2000 by Saket Agarwal and Dilip Modi. Spice Money has raised $15.42 million across 2 funding rounds from investors including Sood Infomatics and Lehman Brothers Opportunity. The company has 1,219 employees. Spice Money was last valued at $21.01 million in December 2020. Its website spicemoney.com draws about 4 million monthly visits. Its Indian entity Spice Money Limited reported revenue of ₹460 Cr. Spice Money offers products and services including AePS Services, Loan Collection Services, Account Opening, and Bill Payments and Recharge. Its focus areas include FinTech, Payments, Business Payments and Agent Based Payments. Its competitors include Dvara KGFS, Kaleidofin and PayNearby; 3 of its 3 listed competitors have raised funding.
Company details
Digital payment and banking service provider in rural areas. This includes Aadhaar-enabled services, domestic money transfers, loan and cash EMI collection, bill payments, and ticket booking. It offers a network facilitating access to financial services for underserved populations. Services are delivered through a network of agents and mini ATMs. It also provides loan and credit services and account opening facilities.
- Headquarters Noida, India
- Employees 1,219
- Founders Saket Agarwal, Dilip Modi
- Stage Minicorn
- SectorsFinancial Services
- Email••••••••
- Phone•••• ••••
- Website spicemoney.com
- Social LinkedIn X Facebook Instagram YouTube
- Legal Name Spice Money Limited
- Date of Incorporation 04 Apr, 2000
- Jurisdiction New Delhi, Delhi, India
- Annual Revenue₹460 Cr
FY 2024 · +4% YoY
- Net Profit₹13.06 Cr
FY 2024 · 3% margin
- EBITDA₹33.14 Cr
FY 2024 · 7% margin
- Total Equity Funding$15.42M (USD)
in 2 rounds
- Latest Funding Round$406.5K (USD), Series B
Dec 2020
- Employee Count1,219
Associated legal entities of Spice Money
Spice Money is associated with 2 registered companies on The Company Check; the primary company is Spice Money Limited. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Spice Money Limited CIN U64199DL2000PLC104989 | Active | 04 Apr 2000 | New Delhi, Delhi | ₹460 Cr | 1,219 | 9 | View details |
| Spice Money Limited CIN U72900DL2000PLC104989 | 04 Apr 2000 | New Delhi, Delhi, India | View details |
Products & Services of Spice Money
Spice Money offers a comprehensive portfolio of products and services, including AePS Services, Loan Collection Services, Account Opening, and Bill Payments and Recharge.
Facilitates secure Aadhaar-based deposits and withdrawals for users
Handles cash and EMI collections for loans in rural areas
Enables easy account creation through digital verification
Processes bill payments and mobile recharges via network
Apps and channels of Spice Money
its YouTube channel Spice Money has 154K subscribers and 30 videos.
Videos from Spice Money
The most watched videos on Spice Money's YouTube channel, Spice Money (154K subscribers). Click a video to play it here.
More on Spice Money.
Funding Insights of Spice Money
Spice Money has successfully raised a total of $15.42M across 2 strategic funding rounds. The most recent funding activity was a Series B round of $406.5 thousand completed in December 2020. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $15.42M
- Total Rounds 2
- Last Round Series B — $406,500
- First Round $15.01M
(Nov 2006)
- Investors Count 2
All 2 funding rounds of Spice Money with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Dec 2020 | $406,500 | Series B | $21.01M | Sood Infomatics | – |
| Nov 2006 | $15.01M | Series A | $85.25M | Lehman Brothers Opportunity | – |
| Date | Valuation | Stage |
|---|---|---|
| Dec 2020 | $21.01M | •••••••• |
| Nov 2006 | $85.25M | •••••••• |
Last known valuation $21.01M (Dec 2020). 2 investors in total: 2 institutional.
Investors in Spice Money
Spice Money has secured backing from 2 investors, including venture fund and institutional investors. Prominent investors backing the company include Sood Infomatics and Lehman Brothers Opportunity.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Single family office focused on technology companies | Mumbai, India | |||
Limited information is available on core activities. | New York, United States |
Investor details for Spice Money
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
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Verified entity values are shown only after access is granted.
Board of directors of Spice Money Limited (Spice Money)
Spice Money Limited is the primary company behind Spice Money. The board of Spice Money Limited currently have 7 directors; the longest-serving is Sunil Kumar Kapoor, appointed in 2019. 48 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Sunil Kumar Kapoor DIN 05322540 | Whole-time director | 02 May 2019 | 7 yrs 6 mo | Spice Money Limited |
| Ramesh Venkataraman DIN 03545080 | Director | 07 Nov 2019 | 7 yrs | Spice Money Limited |
| Mrutyunjay Mahapatra DIN 03168761 | Director | 24 Aug 2022 | 4 yrs 2 mo | Spice Money Limited |
| Veena Vikas Mankar DIN 00004168 | Director | 09 Nov 2022 | 3 yrs 11 mo | Spice Money Limited |
| Narasimhan Srikrishna DIN 07175251 | Additional Director | 12 Feb 2025 | 1 yr 8 mo | Spice Money Limited |
| Pankaj Vaish DIN 00367424 | Additional Director | 15 Mar 2025 | 1 yr 7 mo | Spice Money Limited |
| Ram Nirankar Rastogi DIN 07063686 | Additional Director | 20 May 2025 | 1 yr 5 mo | Spice Money Limited |
People of Spice Money
35 people are tracked at Spice Money (16 in leadership, 2 in board & advisors, 17 in team); the tracked headcount is 1,219.
| Name | Role | Group |
|---|---|---|
Saket Agarwal | Co-Founder | Leadership |
Dilip Modi | Founder | Leadership |
Srivaths Varadharajan | Chief Operating Officer, Tech, Digital, Design & Data | Leadership |
Varundeep Kaur | Chief Information Technology Officer | Leadership |
Bishnu Mohanty | Chief Operating Officer, Travel Union | Leadership |
Ruchi Girdhar | Sr. Vice President | Leadership |
Sameer Nagpal | Chief Operating Officer | Leadership |
Kuldeep Pawar | Chief Marketing Officer | Leadership |
Usha Murali | Chief Compliance & Risk Officer | Leadership |
Kriti Jain | Vice President - Product | Leadership |
Gagan Kukreja | Senior Vice President | Leadership |
Hardeep Pal Sharma | Head - Digital Products & Platforms | Leadership |
Satyam Sharma | SR Chief Manager Strategic Alliances & Partner Engagement | Leadership |
Mohammad Kashif Aijaz | Chief Manager - Technology & Research | Leadership |
Harsh Mittal | Chief Product & Technology Officer (cpto) | Head Of Spicepay | Leadership |
Harpreet Gaba | Head GTM - Distribution | Leadership |
Sonu Sood | Advisor | Board & advisors |
Abhay Aima | Advisor | Board & advisors |
Vaibhav Tiwari | Regional GTM Manager | Team |
Himanshu Shekhar Verma | District Sales Lead | Team |
15 more people are available in the full profile.
Complete people profiles for Spice Money
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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- Professional contacts
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Financials of Spice Money
Figures of Spice Money Limited, the primary company behind Spice Money, for FY 2024. Revenue was ₹460 Cr (+4% year on year). Net profit was ₹13.06 Cr (3% margin). EBITDA was ₹33.14 Cr (7% margin). Revenue has grown at a compounded annual rate of -8% over three years and +26% over five years.
- ₹460 CrRevenue · FY 2024 · +4% YoY
- ₹13.06 CrNet profit · 3% margin
- ₹33.14 CrEBITDA · 7% margin
- ₹57.37 CrPaid-up capital
- 1,219Employees (provident fund records)
- -8%Revenue CAGR, 3 years
- +26%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Spice Money Limited are on its company page.
Detailed financial statements for Spice Money
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of Spice Money
4 dated milestones of Spice Money across 20 years, from founding to its latest funding, stage changes and deals.
- Founded Spice Money is founded.
- Funding First funding round of $15.0M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Series B, of $406K.
Competitors of Spice Money
Spice Money has 3 listed competitors in our database, 3 of them funded. They include Dvara KGFS, Kaleidofin and PayNearby.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| dvarakgfs.com | 2008 | Chennai, India | $43.71M | 4,134 | Loans for consumers and SMEs are provided alongside financial services. | |
| kaleidofin.com | 2017 | Chennai, India | $47.39M | 141 | Provider of financial technology solutions for inclusive lending | |
| paynearby.in | 2016 | Mumbai, India | $3.95M | 837 | Digital payment and banking services are facilitated via retail partnerships. |
Detailed competitors of Spice Money
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
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Web traffic of Spice Money
The website of Spice Money (spicemoney.com) receives about 4M visits a month.
- Monthly visits4M
▼ 44.4% vs previous month
Websites whose visitors overlap most with Spice Money. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| cesc.co.in | 100% | 489.3K | #58,972 | View details | |
| payworldindia.com | 99% | 726.5K | #83,498 | View details | |
shop.pay1.in | shop.pay1.in | 98% | #99,410 | – | |
tax2win.biz | tax2win.biz | 98% | #314,223 | – | |
| rnfiservices.com | 97% | 57K | #678,417 | View details | |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 40 similar websites and full traffic analytics for Spice Money
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- Audience overlap
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Related news about Spice Money
Complete news archive for Spice Money
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Frequently Asked Questions about Spice Money
Spice Money was founded in 2000 and raised its 1st funding round 6 years after it was founded.
Spice Money is headquartered in Noida, India. It is registered at Noida, Uttar Pradesh, India.
Spice Money is a funded company, having raised a total of $15.42M across 2 funding rounds to date. The company's 1st funding round was a Series A of $15.01M, raised on Nov 2006.
Spice Money has 1,219 employees.
The primary company behind Spice Money, Spice Money Limited, reported revenue of ₹460 Cr for FY 2024, up 4% year on year.
Digital payment and banking service provider in rural areas. This includes Aadhaar-enabled services, domestic money transfers, loan and cash EMI collection, bill payments, and ticket booking. It offers a network facilitating access to financial services for underserved populations. Services are delivered through a network of agents and mini ATMs. It also provides loan and credit services and account opening facilities.
Spice Money's top competitors include Kaleidofin, PayNearby and Dvara KGFS.
Spice Money offers AePS Services, Loan Collection Services, Account Opening, and Bill Payments and Recharge.
Spice Money has 2 investors. Key investors include Sood Infomatics, and Lehman Brothers Opportunity.
The valuation of Spice Money is $21.01M as of Dec 2020.
Spice Money operates through Spice Money Limited.
The legal entities of Spice Money currently have 8 directors, including Narasimhan Srikrishna, Sunil Kumar Kapoor, Veena Vikas Mankar and others.