Sunday, June 16, 2024
-Advertisement-
Education Sabha
Education Sabha
Education Sabha
Education Sabha
HomeNewsIndustryAmazon pumps $40 mn in Indian fintech startup Smallcase tech

Amazon pumps $40 mn in Indian fintech startup Smallcase tech

Follow Tech Observer on Google News
Google News

In the latest round of funding, the Small case Technologies has raised $40 million in a Series C round led by Faering Capital with participation from and billionaire Azim Premji's Premji Invest at an undisclosed valuation.So far the Bengaluru-based startup startup has raised over $60 million in funding.

The latest round marked the first investment by Amazon in a wealth management fintech in India. The US technology major made the investment through its $250-million early stage tech fund Amazon SMBhav Venture Fund (ASVF) launched in April.

The round also saw participation from existing investors including Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures, HDFC Bank Group, and Utpal Sheth, chief executive of Rare Enterprises.

With this Sameer Shroff, co-founder and managing director of Faering Capital will join the board of smallcase once the transaction is closed. “Globally, we have seen a trend of increased retail participation in equity markets and in India, smallcase is pioneering digital access for retail investors through their innovative products and channel partnerships,” Shroff said.

According to the company, the newly infused capital will be used to launch a wider suite of investment products for retail investors as well as enhancing the platform and its capabilities, the Bengaluru-based company said in a statement.

“The last two years have seen remarkable interest from Indian retail investors in the equity markets, and we are inspired to see smallcase become the primary gateway to stocks and ETFs for millions of new investors,” said Vasanth Kamath, founder, and of smallcase.

Founded in 2015 by Kamath and fellow IIT-Kharagpur alumni Anugrah Shrivastava and Rohan Gupta, smallcase specializes as an investment ecosystem of over 250 businesses in the capital markets space including brokerages, advisors, investment managers, and digital wealth platforms.

“We are focused on expanding our offerings to cement smallcase's position as the premier portfolio investing layer across asset classes for the retail investor and are excited to welcome our new investor partners with extensive experience in scaling technology and financial services businesses,” Kamath said.

Since Bengaluru-based startup's funding round last year, its user base has doubled to cross 3 million and the volumes transacted have grown 2.5x to Rs 12,500 crore, the company said.

“We are excited to partner with Smallcase in their journey to offer innovative consumer investment products,” an Amazon spokesperson said. “By increasing product selection and convenience, this will provide an additional channel for consumers to participate in the equity markets.”

Get the day's headlines from Tech Observer straight in your inbox

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
- Advertisement -
Education Sabha
Education Sabha
Education Sabha
Education Sabha
- Advertisement -Education Sabha
- Advertisement -EmpowerFest 2024
- Advertisement -
- Advertisement -ESDS SAP Hana

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -

PDRL to certify over 10,000 drone pilots on AeroMegh for actionable insights: Vishal Joshi

"PDRL is at the forefront of drone technology innovation, offering its comprehensive SaaS platform, AeroMegh, to revolutionise the way drone data is captured, processed, and analysed," said Vishal Joshi, Head of Training and Certification, PDRL.

RELATED ARTICLES