Amazon

Amazon Enters In India’s Wealth Management Space, Bets On Sequoia-Backed Smallcase

Business Finance Startup

Amazon enters into Indian wealth management relies on the small company Sequoia Backed Smallcase Investment, which raised US$40 million in a Series C financing led by Faering Capital. New investors Amazon SMBhav Venture Fund (ASVF) and Premji Invest and existing investors Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures, HDFC Bank Group and Rare Enterprise CEO Utpal Sheth also participated in this round.

In this round, Faering Capital’s co-founder and managing director Samir Shroff will join the company’s board of directors. The funds raised will be used to continue to provide retail investors with more efficient investment products and to create value for small business partners by developing the ecosystem and improving the platform and its capabilities. Founded in 2015 by Anugra Srivastava, Rohan Gupta and Vasant Kamat Smallcase. It is a financial technology company that creates a direct indexing and modelling platform for stocks and ETF portfolios.

The current funding comes from the start-up, which raised US$14 million in a Series B financing led by DSP Group. To date, Smallcase has raised more than $60 million in total funding. After the B round of financing, the startup claimed to have doubled its user base to more than 3 million, and its transaction volume increased 2.5 times to 12,500 Indian rupees.

According to the startup, its publishing platform, the business-in-a-box solution for analysts and consultants, serves more than 125 established and new investment managers, and the gateway API is used by more than 50 digital asset and sales platforms. “In April of this year, we launched the US$250 million Amazon SMBhav Venture Fund (ASVF) to invest in early-stage technology startups. As part of this fund, we are happy to work with a small company to develop innovative investment products for consumers An Amazon spokesperson said that increasing product selection and convenience, will provide consumers with an additional channel for participation and communication.

By June 2021, the fintech industry has attracted US$2.3 billion in capital and is the most popular industry for venture capitalists and investors. The start-up is primarily competing with another Indian company, Groww, which recently acquired Indiabull’s mutual fund business Nextbillion Technology. Smallcase’s competitors include Scripbox, Sqrrl, tickertape.in, upstox.com, etc. Regarding funding, Srivastava said: “In 2020, we launched new features and tools to unlock access to small cabinets through several new channels. Now, in 2021, we are working hard to expand our platform and technology to make smallcases more valuable for both investors and our partners.