5 minutes

Spice Money and Tarya Fintech’s Collaborative Venture: A Case Study

Spice Money, a leading Rural Fintech in India, has been disrupting the nation’s dairy industry. With India producing 23% of global milk production (80% coming from the informal sector), the sheer scale of this industry makes operations complex to say the least.

In response to these challenges, Spice Money and Tarya Fintech joined forces to create an innovative platform designed exclusively for the Indian dairy merchant, or Adhari in Hindi. Through the joint venture, we came together on a mission to transform this massive industry and empower the farmers and merchants who play a crucial role this industry.

India’s Milk Supply Chain

Thousands upon thousands of dairy farmers are left to operate within this vast and complex ecosystem, relying on manual tracking and little to no access to financing or credit. Tracking truck and tanker routes, monitoring, and implementing payments based on routes or distance, are just some of daily duties. Without proper software, it can be a struggle.

Spice Money, one of India’s leading fintech companies dedicated to serving business owners in rural regions of the country, joined forces with us to provide a solution for dairy merchants in rural India. These merchants, due to a lack of infrastructure and traditional financing, are often left to operate their businesses with little to no means and support.

Our team began the project by developing a product roadmap, which eventually led to the creation and deployment of a combined Loan Origination System (LOS) , Risk Assessment software and Loan Repayments Platform for dairy merchants in India’s milk production industry. This loan solution would enable dairy merchants, who collaborate with farmers, to access direct financing through our partners, Spice Money, and their Non-Banking Financial Company (NBFC) platform.

Meet Vikasni

From operational inefficiencies and limited technology to effective cattle care, maintenance, and the intricate task of managing and overseeing supply chain logistics, this industry has been in major need of operational and financial support.

Drawing inspiration from “Vikas,” signifying expansion, progress, and development, the platform was aptly named Vikasni.

Disrupting the Dairy Industry

The objective: develop a loan management app that assists dairy farmers by allowing access to finance, as well as monitor and track the operations involved in the milk production process. Through our white-labeled loan solution, Spice Money could leverage our technology and provide full-scale digital assistance, from logistics management to loan management in a single app.

This project demanded an in-depth comprehension of their business model, operational methods (whether they’re suppliers of cow or buffalo milk), and various other details that influence their loan requests. The fusion of these two companies holds the potential to drive the dairy sector forward, enabling it to work more efficiently, grow as suppliers, and make a substantial contribution to the already thriving agricultural sector in rural India

Tarya Fintech’s Perspective

As a fintech company dedicated to empowering the underserved through innovative solutions, Tarya Fintech sees huge potential in India. This is due to both the sheer size of its economy as well as the abundance of emerging technological opportunities for collaborations. Eyal Elhayany, co-founder of Chairman of Tarya, said, “Technological innovations can easily reach the financially underserved areas to accelerate financial inclusion, as demonstrated by the remarkable work of Spice Money and its Adhikaris (entrepreneurs). Leveraging Spice Money’s rural fintech expertise and experience, we aim to address the unmet rural credit gap and make it easy for rural India to access loans for their growth and development.

Spice Money’s Perspective

Spice Money serves approximately 20 million monthly transacting customers on an average. Through this vast customer base, the company has observed the multiple financial needs of rural India. Dilip Modi, the Founder of Spice Money expressed his views on the key role in technology can play in fulfilling people’s needs. Modi also said that “there is a data and digital-led revolution in financial inclusion waiting to happen in India. Through our joint venture with Tarya, we are confident that we will play an integral role in this revolution in the interiors of our country.” He also added, “One of the major demands has been access to easy loans. Accessible and timely credit is important for the growth of rural India. We have partnered with Tarya Fintech to bring in financial inclusion by empowering rural borrowers with access to easy credit. This will further financial freedom in Bharat (India) and lead to overall national development.”

The Future of Lend-Tech

The collaboration between Spice Money and Tarya marks a significant milestone in addressing the financial challenges faced by rural India. The lend-tech platform they have developed will grant rural customers easier access to credit, fostering growth and development in previously underserved regions. As India’s digital lending market continues to expand, this partnership is poised to leave a lasting impact on the nation’s financial landscape, setting an example of innovation and financial inclusion.

About Spice Money

A subsidiary of DiGiSPICE Technologies Ltd., Spice Money is India’s leading rural fintech
company with over 700,000 Adhikaris (entrepreneurs) offering cash deposit, cash withdrawals,
Aadhar enabled payment system, insurance, loans, bill payments, cash collection centers for
customer/agents/representative of NBFC/Banks, airtime recharge, tours & travel, online
shopping, Pan Card and mPoS services. It has built 1 lakh mini ATM counters across far flung
corners of India providing ease of cash withdrawal to the rural citizens. More than 90% of their
network reside in semi-urban and rural India. Spice Money services are available through Spice
Money App (Adhikari App) and web portal. The user-friendly interface and superior technology
platform has earned the app a 4.4 star rating, best in industry, on Google Play Store. Spice
Money through its cutting edge technology and wide network of Spice Money Adhikaris, is
bridging the gaps in access to various financial services for the masses across the length and
breadth of India.


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