In recent years, Amazon has entered the Indian financial
services and insurance markets. You are now paving the way for the money
management category.
The American e-commerce giant backs Bangalore-based startup Small case in a Series C funding round.
The round was led by Faering Capital and Premji Invest, as
well as existing investors Sequoia Capital, Blume Ventures, Beenext, DSP Group,
Arkam Ventures, WEH Ventures, and HDFC Bank also participated in the new round,
bringing their total increase to date to more than $ 65 million.
Small case, founded by three alumni of IIT Kharagpur in July
2015, offers a platform to help bring a new generation of investors to Indian
stock markets.
The startup offers an in-house team of licensed
professionals offering over 100 portfolios of stocks and exchange-traded funds,
as well as providing its users with access to independent investment managers,
brokerage firms and wealth management platforms.
The startup is backed by a dozen of India's leading stockbrokers, including Upstox backed by Tiger Global and Zerodha's Kite.
The small case has over 3 million users making transactions worth
approximately $ 2.5 billion a year. It says that the user can start investing
in just two clicks after registering with the service.
“We have created a new category of fast-growing investment
products by creating an ecosystem of more than 250 capital market companies,
including the largest brokerage firms, consultants, investment managers and
digital wealth platforms, as well as India's fastest-growing company,” said
Vasant. Kamat, co-founder, and CEO of Small case.
“It was both touching and inspiring to see small boxes
become the main gateway to stocks and ETFs for millions of new investors. This
funding increases our responsibility to continue to create simple, transparent, and enjoyable platforms and experiences while delivering more value to our
users and partners. Our true success will lie in developing the building blocks
of every investor's portfolio and becoming a key part of their toolbox, ”he
added.
The startup, which employs 200 people, said it plans to set
up a fund to expand its technology platform and attract more customers.
This isn't the first time Amazon has backed an Indian
startup. The e-commerce firm, which has invested more than $ 6.5 billion in its
business in India, has invested in private transportation company Shuttl, a
discount marketplace for MSMEs M1xchange and a cosmetics brand for direct
consumers. MyGlamm client.
Earlier this year, Amazon also unveiled a $ 250 million
venture fund to invest in Indian startups and entrepreneurs focused on
digitizing small and medium-sized businesses in the South Asian market.
An Amazon spokesman said the company has invested in Small case through its $ 250 million venture capital fund. “As part of this fund, we are delighted to partner with Small case on their journey to create
innovative consumer investment products. By increasing product selection and
convenience, will provide consumers with an additional channel to
participate in the stock markets, ”the spokesman added.
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