Amazon’s venture fund joins Indian wealth management startup’s $40m round

Smallcase, an India-based wealth management startup, announced that it has raised US$40 million in a series C round led by Faering Capital. The round also saw participation from fresh investors Amazon Smbhav Venture Fund and Premji Invest.

The US$250 million Amazon fund was rolled out in April to invest in early-stage tech startups in India.

The Smallcase app / Photo credit: Smallcase

Existing investors like Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures, HDFC Bank Group, and Rare Enterprises CEO Utpal Sheth also took part in the latest round. As per the terms of the financing, Faering Capital’s co-founder Sameer Shroff will join Smallcase’s board.

The capital raised will be used for launching new investment products for retail investors, according to a statement from the investment portfolio management firm.

The Bengaluru-headquartered startup helps introduce new investors to Indian equity markets and currently has over 3.2 million investors, who make transactions worth nearly US$2.5 billion on the platform every year via the company’s products, which are called “Smallcases.”

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“Simply put, Smallcases are similar to playlists for stocks, which are curated professionally to provide access to innovative themes and exposures,” Vasanth Kamath, founder and CEO of Smallcase told Tech in Asia. He explained that the company’s product allowed users to invest easily in certain sectors or asset classes through a set basket of stocks.

With the latest funding round, the company has so far raised close to US$60 million.