- Customer GTV reached INR 11,485 Crore in March 2025, surpassing the previous record of INR 11,387 Crore set in October 2024
- AePS transactions contributed INR 5,306 Crore to the overall GTV in March
- Spice Money’s AePS market share climbed to 18.3%, reinforcing its leadership position in the space
- The surge in AePS volumes played a key role in driving the overall growth, reflecting increased financial adoption in rural areas
In a powerful display of scale and impact, Spice Money (a subsidiary of DiGiSPICE Technologies), India’s leading rural fintech and the largest non-bank Business Correspondent (BC) network in India, reported its highest-ever growth across multiple service lines in March 2025. This performance underscores the company’s dominant position in the sector and reaffirms its mission to drive financial inclusion to the remotest corners of Bharat.
The company clocked a record-breaking Customer GTV of ₹11,485 Crore, surpassing its previous high of ₹11,387 Crore in October 2024. An exceptional rise led this surge in Aadhaar-enabled Payment System (AePS) transactions, which touched INR 5306 crore. With this, Spice Money’s AePS market share rose to 18.3%, solidifying its leadership in this critical segment of inclusive banking in rural India.
This unprecedented spike in AePS usage was further powered by the highest-ever sale of subscription packs, with over 70,000 packs sold to date. This reflects not just a growing demand among Adhikaris for services but also the increasing integration of these services into the daily financial lives of rural customers. The uptake of these packs directly contributed to the platform’s transaction volume surge, creating a strong network effect across its ecosystem and establishing community banking with trust, comfort, and convenience.
Further bolstering this growth was the remarkable performance of the company’s Cash Management Services (CMS), which saw a twofold jump to INR 4,000 Crore from INR 2,000 Crore in just 1 month. This rise indicates the growing adoption of Spice Money’s infrastructure in facilitating efficient, secure cash management in semi-urban and rural areas of the country.
Fueling this operational momentum is Spice Money’s network of more than 15 lakh Adhikaris/Merchants, who act as the backbone of last-mile financial delivery, reflecting the trust and dependency rural communities place on their local Spice Money representatives.
Speaking on this exceptional growth, Dilip Modi, Founder and CEO, 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 in recent times have been under considerable evolution, our performance reinforces the critical role we play in building a digitally inclusive, 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 discussions around the regulation of the non-bank BC ecosystem are gathering momentum, Spice Money’s achievements serve as a timely and compelling case study of what inclusive intraoperable financial networks can deliver. With every transaction, the company is narrowing the financial divide, bringing banking access to the doorsteps of India’s underserved populations and enabling true economic participation.
