Spice Money ties up with Religare Broking for rural populace to apply for LIC shares

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SME Times News Bureau | 29 Apr, 2022
Rural fintech player Spice Money on Friday said it has tied up with Religare Broking Ltd to facilitate rural populace to apply for shares of Life Insurance Corporation of India (LIC).

The life insurance giant is coming out with a premium initial public offering (IPO).

Spice Money offers essential digital financial and e-retail services such as cash deposit and Aadhaar led withdrawals, mini ATM services, bill payments and recharge, money transfers, loans, tours and travel and more to the rural citizens through Spice Money Adhikari App.

According to Spice Money, the association with Religare Broking aims to provide rural citizens with access to investment opportunities.

This association will allow over 95 per cent of rural pin codes to get access to assisted phygital platforms to invest in capital market securities.

Religare Broking is currently servicing over 10 lakh demat customers through its pan India network of over 1,100 branches and business partners across over 400 cities in the country.

Spice Money, on the other hand, has a network of over 10 lakh merchants (called Spice Money Adhikaris) serving over 10 crore households in over 700 districts across the hinterlands of India.

Sanjeev Kumar, Co-Founder & CEO, Spice Money said: "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."

"With the LIC IPO on its way, a huge opportunity awaits for 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," Nitin Aggarwal, CEO, Religare Broking said.