Amazon makes its first investment in Indian wealth management sector with Smallcase
Smallcaseoffers a weighted portfolio of stocks and ETFs for retail investors to invest in.
- The company will use this funding to expand its investment products across mutual funds, global equities and bonds.
- This is
Amazon’s first investment in India’s wealth management space.
AdvertisementGlobal e-commerce giant Amazon has made its first investment in the Indian wealth management sector by participating in Bengaluru-based fintech startup
Smallcase was founded in 2015 by Indian Institute of Technology (IIT) Kharagpur alumni Anugrah Shrivastava, Rohan Gupta, and Vasanth Kamath. The company provides users with weighted portfolios of stocks and exchange traded funds (ETF) for retail investors to invest in using their personal existing demat accounts.
These portfolios were created by in-house licensed professionals as well as access to independent investment managers, brokerages and wealth platforms. The company works with stockbrokers like HDFC Securities, Zerodha, AxisDirect, Edelweiss and 5Paisa.
Smallcase’s $40 million funding round was led by Faering Capital, with participation from
The company will use this capital to expand its investment products across mutual funds, global equities and bonds. A part of the funding will also be used to build its technology platform and further build its distribution network.
The development was first reported by Bloomberg.
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