Fintech startup Smallcase Technologies Pvt has raised $40 million in a funding round led by Faering Capital Pvt.
Private investment office of billionaire Azim Premji, Premji Invest and Amazon Inc also participated in this Series C round. With this, Amazon has forayed into India’s wealth management sector. Existing investors Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures and HDFC Bank participated too. The fintech firm has so far raised over $60 million.
The funds raised be used to build investment products and platforms that enable individual investors to participate in the capital markets. The company aims to continue building simple, transparent and delightful experiences and platforms, while delivering more value to its users and partners, it said. “Our true success will lie in developing the core building blocks for every investor’s portfolio and becoming a key part of their toolkit,” said the company in a statement.
Founded in 2015 by friends and IIT-Kharagpur alumni Vasanth Kamath, Anugrah Shrivastava and Rohan Gupta, Smallcase’s user base has reached more than 3 million users. It transacts $2.5 billion in smallcases annually.
The startup has created a new, fast-growing category of investment products by developing an ecosystem of over 250 businesses in the capital markets space including brokerages, advisors, investment managers and digital wealth platforms.
Kamath had said in an earlier interview that the new set of younger, high risk-taking investors want complete transparency. “We are excited for our roadmap and the future and remain incredibly grateful to our users, partners and team for their constant love, support and feedback,” said Kamath, commenting on the latest funding.
This is Amazon’s first investment in wealth management. It had earlier invested in insurance player Acko General Insurance Ltd and credit provider Capital Float.
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