GUWAHATI, April 28: Spice Money announced that it has partnered with Religare Broking Ltd. (RBL) to enable rural citizens to apply for the mega LIC IPO, a first-of-its-kind investment opportunity. Through this association, Religare Broking and Spice Money aim to provide rural citizens with equitable access to investment opportunities, thus, taking a step further in bridging the rural-urban divide and augmenting financial inclusion. Moreover, this association will allow over 95% of rural pin codes to get access to assisted phygital platforms to invest in capital market-linked opportunities such as equities, mutual funds, commodities, currency, and NPS to build wealth for the future.
Religare Broking is currently servicing over 10 lakh Demat customers, through its pan India network of over 1100 branches and business partners across 400 cities in the country. Spice Money, on the other hand, is a leading rural fintech company with a wide network of over 10 lakh merchants serving over 10 crore households in over 700 districts across the hinterlands of India. While India has just recorded “the best IPO year” (2021) in two decades with new-age technology companies leading the way, the percentage of investors from rural parts of the country is extremely low due to the lack of access, awareness, and assistance.
Sanjeev Kumar, co-founder & CEO, of Spice Money, said, “We are thrilled to partner with Religare Broking to take the country’s biggest IPO to the hinterlands of India. At Spice Money, we are on a mission to drive financial inclusion for the country and this partnership will bring forth the opportunity for rural citizens to participate in the mega IPO and other capital market-linked products in the future, through our marketplace platform. Access to the IPO of a brand that commands nation-wide trust, like LIC, will help rural citizens warm up to the phenomenon of investment opportunities they are hitherto unaware of.”
On the announcement of the partnership, Nitin Aggarwal, CEO, of Religare Broking said, “We are delighted to join hands with Spice Money. With LIC IPO on its way, a huge opportunity awaits new investors and its policyholders. Jointly Religare & Spice Money will play an instrumental role in building a rural India financial inclusion model, combining new age technology with human assistance and bringing Ghar Ghar Demat Account. With the help of Spice Adhikaris, each investor willing to invest in IPOs can seamlessly open a Demat account on Dynami App and make informed decisions for a range of investment products.”