Bengaluru-based wealthtech firm Smallcase has raised $50 million in a Series D funding round led by Elev8 Venture Partners, with the participation of State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The funding is a major milestone for the company as it continues to drive innovation in India’s fast-changing retail investment ecosystem.
Established in 2016 by Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta, Smallcase is focused on providing model portfolios of stocks and exchange-traded funds (ETFs), allowing retail investors to diversify their investments according to themes or strategies. The platform has attracted more than 10 million users and processed transactions of over ₹1.2 lakh crore, establishing itself as a market leader in the wealth management sector.
The recently raised capital will be used to grow Smallcase’s investment product offerings across asset classes like mutual funds and fixed-income products. The company is also looking to further develop its technology and data analytics capabilities so that it can provide more advanced tools to the investors. Developing deeper relationships with retail investors as well as with ecosystem partners remains a top priority for the company.
Smallcase also expanded into asset management through a joint venture with Zerodha, introducing low-cost index funds and ETFs. The decision is in line with its mission of making stock investing easy for retail investors while ensuring transparency and control.
Navin Honagudi, Elev8 Venture Partners’ Managing Director and Founding General Partner, lauded Smallcase’s capacity to innovate and scale in a crowded market. “Smallcase aligns with our vision of investing in companies that not only scale fast but also transform industries,” he said. Elev8 Venture Partners is a $200 million growth-stage fund that invests in fintech and enterprise tech startups and is supported by South Korea’s KB Investment.
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Smallcase has reported encouraging financial growth, with revenue almost doubling to ₹67.4 crore in FY24 from ₹30.6 crore in FY23. The company also cut losses by 74%, reflecting operational effectiveness in line with expansion attempts.
The capital arrives at a time when Indian wealthtech startups have cumulatively raised $250 million across 15 transactions over the last 18 months. Others like Neo, Dezerv, and Fisdom are also gaining traction in this nascent space.
With this funding round, Smallcase is set to continue to disrupt the wealth management space by launching new-age investment products and solutions specifically designed for retail investors. Its emphasis on transparency, diversification, and technology-based solutions makes it a central part of India’s fintech ecosystem.
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