Amazon | Wealth Management Bengaluru/IBNS: Amazon has made its debut in India's wealth management sector, taking part in the $40 million Series C round funding by platform Smallcase. The other leading investors in the round were Faering Capital and Premji invest.
Existing investors Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures, HDFC Bank Group, and Utpal Sheth, CEO of Rare Enterprises also participated in this round of funding.
The Bengaluru-headquartered startup has raised a total of over $60 million at the end of this round and it is now valued at $200 million.
Smallcase was founded in 2015 by three friends Vasanth Kamath, Anugrah Shrivastava and Rohan Gupta, all alumni of Indian Institute of Technology, Kharagpur.
Speaking to Moneycontrol, the startup’s Founder and CEO Vasanth Kamath said, “We will use this fundraise to continue enhancing our platform and grow the ecosystem we have built. We also plan to add more asset classes and instruments so that our platform can provide more use cases like financial planning and advisory.”
“We are working on adding mutual funds, bonds, and global equities on our platform. These are currently at different stages of integration,” he added.
According to Money Control, Amazon spokesperson said, “In April this year, we launched the Amazon SMBhav Venture Fund (ASVF) to invest in early-stage tech startups. As part of this Fund, we are excited to partner with Smallcase in their journey to offer innovative consumer investment products. By increasing product selection and convenience, this will provide an additional channel for consumers to participate in the equity markets.”
Since its Series B raise in September 2020, its user base has doubled to three million and transaction volumes have increased by 2.5 times to Rs 12,500 crore, the company added, the report stated.
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