Smallcase, a wealthtech startup, has successfully raised USD 50 million in its Series D round. The funding round was led by Elev8 Venture Partners, which is a USD 200 million growth-stage fund focused on high-potential Indian startups. Furthermore, the round also witnessed participation from State Street Global Advisors, Niveshaay AIF, Arkam Ventures, and Faering Capital.
Also to note, the funds will be utilized to expand Smallcase’s investment product offerings across asset classes while strengthening its relationships with retail investors and ecosystem partners.
This new funding round came after a gap of more than 3.5 years, wherein, Smallcase has raised around USD 120 million till date. This includes USD 40 million in a Series C round led by Faering Capital in August 2021. Furthermore, as per the startup data intelligence platform, Peak XV is the largest external stakeholder, who is further followed by Faering Capital and Blume Ventures.
Smallcase was established back in 2016, wherein, it offers a model portfolio platform that has served over 10 million investors. Also, it provides technology solutions to more than 250 financial institutions, which include research firms, advisors, wealth managers, and brokerages.
Also, to launch an asset management company focused on index funds and ETFs, the platform has recently expanded its offerings portfolio through a joint venture with Zerodha.
If we look at its financial standpoint, Smallcase's revenue from operations surged from Rs 30.6 crore in FY23 to Rs 67.4 crore in financial year 2024. Here, the decrease in advertising and employee benefits has enabled the company to reduce its losses by 74.4 percent to stand at Rs 34 crore in the last fiscal year.
According to a credible source Indian wealthtech startups which include Dezerv, Centricity, Neo, Stable Money, InvestorAi, Fisdom, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months.
