The Business Bytes
THEBUSINESSBYTES BUREAU
NEW DELHI, 10 APRIL 2025
Spice Money, a subsidiary of DiGiSPICE Technologies and India’s foremost rural fintech platform, has announced a record-breaking performance in March 2025, achieving its highest-ever customer Gross Transaction Value (GTV) of ₹11,485 crore. This milestone, which surpasses the company’s previous peak of ₹11,387 crore in October 2024, marks a significant stride in its mission to deepen financial inclusion across the country’s most remote and underserved regions.
Driving this exceptional growth was a substantial increase in Aadhaar-enabled Payment System (AePS) transactions, which soared to ₹5,306 crore. With this achievement, Spice Money’s AePS market share has climbed to 18.3%, cementing its leadership in this vital component of inclusive banking. The surge in AePS usage also reflects the growing reliance of rural communities on digital financial services delivered at the grassroots.
A key contributor to this performance was the unprecedented sale of subscription packs, with over 70,000 packs sold to date. These packs have become essential tools for the company’s network of Adhikaris—local financial service providers—who bring accessible and trustworthy financial services to rural customers. The increased adoption of these subscription services indicates their growing utility in daily transactions and financial planning across Bharat, fostering a robust ecosystem of trust, convenience, and community-based banking.
Adding further momentum was the exponential growth of Spice Money’s Cash Management Services (CMS), which doubled from ₹2,000 crore to ₹4,000 crore within just one month. This sharp rise underscores the increasing efficiency and reliance on Spice Money’s infrastructure for secure and scalable cash handling solutions in semi-urban and rural geographies.
At the heart of this growth story is the company’s extensive network of over 15 lakh Adhikaris and merchants, who serve as the final link in delivering essential banking services to the last mile. Their presence and reliability continue to build confidence within rural communities, enabling a wider population to participate actively in the formal financial ecosystem.
Commenting on the milestone, Dilip Modi, Founder and CEO of Spice Money, said, “This growth is not just a business milestone for us. It reflects the rising financial confidence of rural India and our deep commitment to the nation’s vision of Viksit Bharat. As regulatory frameworks around the non-bank BC model continue to evolve, our performance reinforces the critical role we play in building a digitally inclusive and financially empowered India. At Spice Money, we are creating more than just financial products—we are laying the foundation for a future-ready rural economy. By enabling trusted Adhikaris in the remotest corners of the country, we are helping unlock the full potential of Bharat and driving the financial transformation that will power India’s journey to becoming a developed nation by 2047.”
As policymakers deliberate the future of the non-bank Business Correspondent ecosystem, Spice Money’s performance stands as a powerful testament to the transformative potential of interoperable, inclusive financial networks. Every transaction facilitated by its platform narrows the financial gap, bringing banking access closer to the doorsteps of India’s underserved, and enabling true economic participation for millions.
