HDFC Bank, India’s largest private-sector bank, has picked up a minority stake in smallcase Technologies, a financial-technology startup focussed on capital markets and related infrastructure.
Recently, the startup raised $14 million in its Series B funding round led by DSP Group.
In a statement, Bengaluru-based smallcase said the transaction is part of its Series B fundraising round. It did not disclose the quantum of HDFC Bank’s investment or the size of the stake the lender picked up.
Other investors that participated included existing backers such as Sequoia Capital India, Blume Ventures, Beenext and WEH Ventures. Arkam Ventures and angel backers also took part in the round.
“With a unique model, smallcase is well positioned to create a niche in the capital markets in India and also help expand the market,” HDFC Bank executive Smita Bhagat said. Bhagat is the bank’s country head for government and institutional business, e-commerce and startups unit.
Separately, smallcase co-founder and CEO Vasanth Kamath said the investment by HDFC Bank will help the company accelerate the building of infrastructure and platforms for Indian markets.
Founded in 2015 by Rohan Gupta, Anugrah Shrivastava and Vasanth Kamath, Smallcase specialises in providing investment and wealth management products to capital market participants through platforms such as Zerodha, HDFC Securities, Kotak Securities, 5Paisa and AxisDirect, among others.
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