Our Story
Spice Connect is an Indian conglomerate, boasting a robust 25-year legacy in the Telecom & Technology sector. Spice’s foray into telecom began in 1996 as a mobile service communication provider in Punjab and Karnataka. Notably, India’s first mobile call was made in 1995 on the Modi Telstra Network, a Spice Group Company, marking the commencement of a transformative journey for India. Evolving rapidly, Spice Telecom became a prominent brand by 2006 and went public in July 2008, managing operations across two circles before strategically exiting through the sale of network licenses to Idea Cellular.
In 2005, Spice Group entered the mobile handset market as an early entrant, gaining recognition as the first dual SIM-based mobile brand in India. Spice Mobile quickly became one of the top three Indian handset brands in early 2015. In 2015, Spice Group transitioned into IT solutions for telcos in Asia and Africa, forging partnerships with several telecom operators under the group company Digispice Technologies.
In response to a discerning analysis of the evolving future, Spice Connect strategically shifted focus to the fintech sector, spotlighting its two flagship entities: Spice Money and WSFx Global Pay Limited. Spice Money, incubated under Digispice, emerged as a frontrunner in India’s rural fintech revolution, transforming banking through a network of 1.3 million Nanopreneurs known as Adhikaris operating in semi urban and rural India. Operating on the digital public infrastructure, Spice Money pioneers last-mile financial and digital services, offering comprehensive rural payment solutions using the Aadhaar stack.
In the forex domain, WSFx Global Pay Limited is an Authorized Dealer Category II Foreign Exchange House licensed by the Reserve Bank of India (RBI). Headquartered in Mumbai with 19 strategically located branches, WSFx Global Pay is a significant entity within the Spice Connect group, holding ISO27001 certification for top-tier information security standards and committed to revolutionizing the outward remittances and payment landscape.
Both Digispice Technologies ( Spice Money as a subsidiary ) and WSFx Global Pay are listed entities of the Spice Connect Group, a testament to our commitment to transparency and investor trust. At the core of Spice Connect’s mission lies the unwavering commitment to connect people, improve lives, and position technology at the forefront of transformative solutions.
Management Team
Mr. Dilip Modi
Dilip Modi, Chairman of Spice Connect, is a leading Indian entrepreneur with over two decades of experience in the digital and technology space. As a third-generation entrepreneur, Dilip has been instrumental in pioneering innovations. Dilip has held key leadership positions in industry associations and actively supports start-ups. Recognized with the “Youth Icon Award,” he is also the founder of EkSoch, a social impact initiative promoting innovation in Mobility, Education, and Environment. Dilip holds a First Class Bachelor of Science in Management Technology from Brunel University, London, and an MBA from Imperial College, London, specializing in Finance. Dilip chairs the board of Digispice.
Mr. Ramesh Venkataraman
Ramesh Venkataraman chairs the boards of Spice Money and WSFx Global Pay Business. He leads Avest, a private equity firm advising the UAE-based sovereign wealth fund, IDO, and making direct investments in Asia. Currently, he serves as the lead director on Rak Airport’s board and chairs the Executive Committee for IDO portfolio companies, including Rak Economic Zone and Falcon Technologies. Formerly, he managed Samena Capital’s Private Equity business and oversaw the transformational value creation program at Rak Ceramics. Ramesh has a rich history in private equity with Bridgepoint Capital in London and extensive experience with McKinsey & Company, advising on telecom and technology policy. He holds degrees from the Indian Institute of Technology – Kharagpur, Oxford University, and Princeton University’s Woodrow Wilson School of Public and International Affairs. A recognized speaker at private equity forums, he received the Young Achiever award from the Indo-American Society in 2005.
