smallcase Valuation, Funding & Investors
smallcase is valued at $200M as of August 2021.
Last smallcase valuation
$200M
Series C · Aug 2021
Last smallcase funding round
$50M
Series D · Mar 2025
Cumulative funding smallcase raised
$112M
across 4 funding rounds
Key investors in smallcase
Peak XV Partners
Blume Ventures
BEENEXT
WEH Ventures
Arkam Ventures
Faering Capital
About smallcase
smallcase is a Bengaluru-headquartered investment platform enabling users to invest in curated portfolios of Indian stocks and ETFs themed around sectors like technology, banking, and sustainability. Launched in 2015 by Zerodha and FundsIndia, the platform hosts over 200 smallcases created by SEBI-registered managers, allowing one-click purchases starting from INR 7,000 with direct brokerage integration. It serves more than 1 million users through mobile and web apps focused on diversified, rule-based investing.
Founded
2015
HQ
BangaloreWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$200M (Aug 2021)
smallcase Valuation
smallcase is currently valued at $200M, based on its Series C in August 2021.
The $40M round was led by Faering Capital, with participation from DSP Group, Amazon Smbhav Venture Fund, Premji Invest, WEH Ventures, BEENEXT and 5 other investors.
smallcase valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2021 | Series C | $200M |
smallcase Funding History
smallcase has raised a total of $112M across 4 funding rounds.
smallcase's first fundraising round was a $8M Series A in February 2019. The most recent completed round was a $50M Series D in March 2025.
smallcase funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Series D | Elev8 Venture Partners (lead); Faering Capital; SSGA Active Trust; Arkam Ventures; Niveshaay Investment Advisory | $50M | - | Smallcase, a Bengaluru-based wealthtech startup founded in 2016, operates a model portfolios platform enabling investors to buy curated baskets of stocks and ETFs, with technology solutions provided to over 250 financial institutions including brokerages and wealth managers. The platform has facilitated over Rs 1.2 lakh crore in transactions and serves more than 10 million users. It partnered with Zerodha in 2023 to launch an asset management company for index funds and ETFs, and plans to expand into mutual funds and fixed income. On March 28, 2025, Smallcase raised $50 million in a Series D funding round led by Elev8 Venture Partners, with participation from State Street Global Advisors (SSGA), Niveshaay AIF, Faering Capital, and Arkam Ventures. The round included a mix of primary and secondary investments. Funds will accelerate product expansion across asset classes, deepen market reach with retail investors and partners, and enhance technology and data analytics for wealth optimization. According to RoC filings, Smallcase's revenue grew 7% to Rs 31 crore in FY23 from Rs 29 crore in FY22, while operating losses widened 40% to Rs 133 crore. Previous investors include Peak XV Partners, Blume Ventures, Amazon Smbhav, Premji Invest, DSP Group, and HDFC Bank. Elev8 Venture Partners, a $200 million growth fund backed by South Korea's KB Investment, highlighted Smallcase's role in transforming India's retail investing landscape and its innovation in asset management. The company aims to scale to new use cases like secured credit and introduce tools for net-worth optimization. |
| Aug 2021 | Series C | Faering Capital (lead); DSP Group; Amazon Smbhav Venture Fund; Premji Invest; WEH Ventures; BEENEXT; Arkam Ventures; Blume Ventures; HDFC Bank; Utpal Sheth; Peak XV Partners | $40M | $200M | Smallcase, a Bengaluru-based fintech founded in 2015 by Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta, operates a stock investment platform offering direct indexing and model portfolios of stocks and ETFs. It functions as an investment ecosystem with over 250 business offerings, partnering with brokerages like Zerodha, Upstox, and HDFC Bank to provide portfolio investing across asset classes for retail investors. The company employs around 200 people and aims to simplify transparent investing in the Indian equity markets. On August 18, 2021, Smallcase raised $40 million in its Series C funding round led by Faering Capital, with participation from new investors Amazon Smbhav Venture Fund and Premji Invest, alongside existing investors including Peak XV Partners (formerly Sequoia Capital India), Blume Ventures, BEENEXT, DSP Group, Arkam Ventures, WEH Ventures, HDFC Bank, and Utpal Sheth. Sameer Shroff, Managing Director and Co-founder of Faering Capital, joined the board post-transaction. This round brought Smallcase's total funding to over $60-65 million. The capital is earmarked for launching better investment products, growing the ecosystem, enhancing platform capabilities, and scaling technology to attract more retail investors. Since its prior Series B raise of $14 million in September 2020, Smallcase doubled its user base to over 3 million and grew transaction volumes 2.5x to Rs 12,500 crore by mid-2021. The surge aligns with heightened retail investor interest in Indian equity markets. Amazon invested through its $250 million SMBhav Venture Fund, marking its entry into Indian wealth management fintech. |
| Sep 2020 | Series B | DSP Group (lead); WEH Ventures; BEENEXT; Arkam Ventures; Blume Ventures; Utpal Sheth; Peak XV Partners; Kunal Shah | $14M | - | smallcase raised $14 million in its Series B funding round on September 28, 2020, led by DSP Group with participation from Blume Ventures, Beenext, WEH Ventures, Arkam Ventures, Kunal Shah, Utpal Sheth, and others including Peak XV Partners (Sequoia Capital India). The Bengaluru-based startup offers smallcases, which are model portfolios of stocks and ETFs created and managed by registered entities, integrated with brokers like HDFC Securities, 5Paisa, Kotak Securities, Zerodha, and AxisDirect. At the time, smallcase had grown its user base to 1.5-2 million users with over INR 5,000 crore transacted in smallcases. |
| Feb 2019 | Series A | Peak XV Partners (lead); WEH Ventures; BEENEXT; Blume Ventures; Straddle Capital; DSP Adiko. | $8M | - | smallcase raised $8 million in its Series A funding round in February 2019, led by Peak XV Partners. The company is a fintech platform offering portfolio management and investment services. The round was intended to expand the team and scale the platform's capabilities. By March 2025, the company had raised a total of $119.43 million across nine rounds, with its most recent Series D raising $50 million from Elev8 Venture Partners and other investors. As of 2024, smallcase reported $7.86 million in revenue. |
Who has invested in smallcase?
17 investors have backed smallcase across its funding rounds, including Peak XV Partners, Blume Ventures, BEENEXT, WEH Ventures, Arkam Ventures and Faering Capital.
Lead investors include Elev8 Venture Partners, Faering Capital, DSP Group and Peak XV Partners.
smallcase Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Mumbai | 3 | Participant | Feb 2019 | |
 Singapore | 3 | Participant | Feb 2019 | |
| Bangalore | 3 | Participant | Sep 2020 | |
| Mumbai | 3 | Participant | Feb 2019 | |
| Bangalore | 3 | Lead | Feb 2019 | |
 San Francisco, CA | 2 | Lead | Sep 2020 | |
| Mumbai | 2 | Lead | Aug 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Utpal Sheth | Washington, DC | 2 | Participant | Sep 2020 |
| Bangalore | 1 | Lead | Mar 2025 | |
| Bangalore | 1 | Participant | Aug 2021 | |
| Bangalore | 1 | Participant | Aug 2021 | |
| United States | 1 | Participant | Mar 2025 | |
| Mumbai | 1 | Participant | Aug 2021 | |
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Start Free TrialInvestments by smallcase
smallcase has invested in 1 company to date.
Latest investment by smallcase was on November 17th 2021. smallcase invested in Tickertape in their $5M Seed round.
Latest Investments by smallcase
| Description | Tickertape is a Mumbai-based investment research platform offering screening tools for Indian stocks, ETFs, mutual funds, and indices on NSE and BSE. Users analyze companies via 200 fundamental and technical filters including P/E ratios, RSI, and dividend yields. Tickertape, powered by Zerodha's smallcase, delivers market indices like Nifty 50 live charts and glossary for retail investors. |
| HQ Country | |
| HQ City | Bangalore |
| Deal Date | 17 Nov 2021 |
| Round | Seed |
| Raised | $5M |
| Investors | - |
| Valuation | $200M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all smallcase investments and their VC round multiples. Start Free Trial | |
smallcase Competitors
smallcase competitors include listed companies like Directa Sim, COL Financial Group and Bourse Direct, and private ones like Chip, Wahed and Tilt.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Italy | Publicly listed | $31M | $466K | $179M | - | |
 London | Private | $32M | - | $279M | 8.7x | |
| New York City, NY | Private | - | - | $300M | - | |
 Philippines | Publicly listed | $19M | $11M | $133M | - | |
 France | Publicly listed | $81M | $35M | $314M | 1.3x | |
| Miami, FL | Private | - | - | $76M | - |
smallcase Public Comps
smallcase is still privately-owned, but its public comps include Praemium, Gedik Yatırım, Oyak Yatırım, Lang & Schwarz, Directa Sim, LS Securities, Finamex Casa de Bolsa, 5paisa Capital, Euroz Hartleys Group and Bluemount Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $79M | $17M | 2.3x | 2.2x | 10.6x | 7.6x | |||
| $8.9B | $17M | 0.0x | - | 12.0x | - | |||
| $631M | $117M | 0.3x | - | 1.6x | - | |||
| $1.4B | $92M | - | - | - | - | |||
| $31M | $466K | 8.0x | - | 530.7x | - | |||
| $143M | - | 1.7x | - | - | - | |||
| $100M | - | 0.5x | - | - | - | |||
| $19M | ($5M) | 9.0x | - | (37.3x) | - | |||
This data is available for Pro users. Sign up to see all smallcase competitors and their valuation data. Start Free Trial | ||||||||
Common questions about smallcase
| When was smallcase founded? | smallcase was founded in 2015. |
| Where is smallcase headquartered? | smallcase is headquartered in Bangalore, India. |
| Is smallcase publicly listed? | No, smallcase is a private, VC-backed company. |
| What is smallcase's valuation? | smallcase was last valued at $200M in its Series C in August 2021. |
| How much funding has smallcase raised? | smallcase has raised $112M across 4 funding rounds. |
| What was smallcase's last funding round? | smallcase's last funding round was a $50M Series D in March 2025, led by Elev8 Venture Partners. |
| Who are smallcase's investors? | smallcase's investors include WEH Ventures, BEENEXT, Arkam Ventures, Blume Ventures, Peak XV Partners, DSP Group, Faering Capital, Utpal Sheth, Elev8 Venture Partners, Amazon Smbhav Venture Fund and 7 others. |
| Which companies are comparable to smallcase? | Companies comparable to smallcase include Directa Sim, Chip, Wahed, COL Financial Group, Bourse Direct and Tilt. |
| How many companies has smallcase invested in? | smallcase has invested in 1 company, including Tickertape. |
| What was smallcase's last investment? | In November 2021, smallcase invested in Tickertape's $5M seed round. |
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