Smallcase, an investment tech startup, announced it has raised $14 million in its Series B funding round led by DSP Group. Existing investors Sequoia Capital India, Blume Ventures, Beenext & WEH Ventures also participated in the funding round.
Other investors such as Arkam Ventures along with angel investors Utpal Sheth (CEO at Rare Enterprises, owned by Rakesh Jhunjhunwala) & Kunal Shah (founder, CRED) also took part in the Series B funding round.
The company will use the funds to enhance product suite, technology infrastructure and expand its team.
“Our mission is to develop simple & transparent investment products for the Indian retail investor and in the last few years, we have built a very unique brand and have some of India’s most respected financial institutions as strategic partners to further this goal,” said Vasanth Kamath, founder & CEO, Smallcase.
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.
“The desire to shift savings from banks to capital markets is hindered by high costs and structural issues like undersupply of passive investment options,” said Rahul Chandra, managing director, Arkam Ventures.
“As an active investor in middle India themes with insights into evolving fintech, we believe Smallcase will usher in the shift to passive investing in India through its scalable technology and unique business mode,” Chandra added.
Earlier in 2019, the company had raised $8 million from Sequoia India along with several investors including Blume Ventures and Straddle Capital.
–AN
