With LIC’s IPO approaching, Spice Money and Religare Broking have entered into a unique long-term partnership to facilitate demat account opening in rural India: with the help of 1 million Spice Money executives to invest in capital market related products.
Mumbai: India’s leading rural financial technology company Spice Money, which is revolutionizing rural banking, has partnered with Religare Broking Limited (RBL) to enable rural citizens to file LIC’s mega IPO. This is a unique investment opportunity for the villagers. Spice Money and Religare Broking take the LIC IPO to 10 crore rural households
The purpose of Religare Broking and Spice Money is to provide equal investment opportunities to rural citizens through this alliance and thus bridge the rural-urban gap and increase financial inclusion. In addition, the merger will help people in more than 95% of rural Pincode areas to invest in capital market products such as equities, mutual funds, commodities, currencies and NPS.
This will also enable them to create wealth for the future. This business partnership will pave the way for large-scale financial inclusion and give new investors financial freedom in the market in rural areas.
Religare Broking is currently serving more than 1 million demat clients through a nationwide network of business partners in over 1100 branches and over 400 cities across the country.
Spice Money is a leading rural fintech company with over 1 million merchants (called Spice Money Officers) in rural and remote areas of India, serving more than 100 million households in over 700 districts. Thus, the investment services partnership between Religare Broking and Spice Money will make it easier for rural India to open a demat account and invest in capital market related products.
2021 has been declared the ‘Best IPO Year’ of two decades as modern technology companies are at the forefront. Due to lack of access, awareness and assistance in rural areas of the country, the percentage of investors is low.
Spice Money has a very inclusive and trustworthy community of 1 million executives, who are seen as respected banking representatives. These officers will work as one-point contacts to help rural citizens who want to invest in LI stocks but do not know where to start. Spice Money executives will help them open a demat account, apply for LIC’s IPO and invest in other products in the future.
“We are thrilled to be partnering with Religare Broking to take the country’s largest IPO to the hinterland of India,” said Sanjeev Kumar, co-founder and CEO of Spice Money. At Spice Money we are committed to advancing financial inclusion for the country and this partnership will provide an opportunity for rural citizens to participate in mega IPOs and in the future to participate in capital market products through our Marketplace platform.
The opportunity to invest in a brand like LIC, which has a nationwide trust, will help rural people to be aware of the importance of investment opportunities, of which they were unaware till now. ”
Sanjeev added, “Most of the rural people are not financially literate and most of them prefer to deposit money in bank deposits and hence, they get low interest rates. They are missing out on a great opportunity to create wealth by making small investments in capital markets.
Taking advantage of this opportunity will not only boost the financial growth of the rural people but will also help in boosting the rural economy. It will also play a key role in the પાંચ 5 trillion economy and goal of becoming a self-reliant India. Through this partnership people can be made financially independent. Through digital and technological innovation, Spice Money aims to be a ‘one stop platform’ for all the financial needs of the villages. “
Regarding the announcement of the partnership, Nitin Agarwal, CEO, Religare Broking, said, “We are delighted to be partnering with Spice Money. This is a huge opportunity for new investors and policyholders as LIC’s IPO approaches.
Religare and Spice Money will play a key role in building a financially inclusive model of rural India through modern technology, humanitarian aid and realizing a door-to-door demat account. With the help of Spice Officer, every investor looking to invest in an IPO can easily open a demat account from the Dynami App and get information on a wide range of investment products. ”
Gurpreet Sidana, COO, Religare Broking, said, “Continuing our promise of ease of investment and innovative services, this time we are building a massive digital DIY facility to open the cheapest demat account. Religare Broking has recently announced a new offer for new customers in the market,
These include zero brokerage on delivery trades, zero brokerage on non-profitable intra trades and options trading at Rs 5 per lot. We have DIY account opening process and trading platforms backed by modern technology and trading experience with ease. Regardless of the ticket size or the venue, the investor can easily and economically participate in capital market-centric opportunities. ”