Smallcase raises $50 million in a Series D round, aims to expand investment offerings

Smallcase, a wealthtech startup focused on simplifying retail investing in India, has raised $50 million in its Series D funding round, led by Elev8 Venture Partners.

The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures.

The latest capital infusion will help Smallcase broaden its suite of investment products, spanning asset classes such as mutual funds, fixed income, and ETFs.

The startup also plans to deepen its relationships with retail investors, brokers, advisors, and asset managers, as it seeks to scale its platform and reinforce its position in India’s evolving wealth management space.

"We see a significant opportunity in empowering Indian investors with modern investment tools, and this fundraising enables us to further build on that mission," said Vasanth Kamath, co-founder and CEO of Smallcase.

"With strong partners like Elev8 and State Street Global Advisors on board, we are excited to expand our reach and product depth across the investing landscape."

From model portfolios to broader investment solutions

Founded in 2015 by Kamath, Anugrah Shrivastava, and Rohan Gupta, Smallcase initially gained traction by offering curated baskets of stocks and ETFs, known as smallcases, designed around specific themes or investment strategies. These portfolios allow retail investors to diversify their holdings in a structured way, bridging the gap between active stock investing and passive index investing.

Over time, Smallcase has expanded its offerings to include direct indexing, fixed-income investing, and advisory solutions, collaborating with brokerage firms like Kamath brothers-led Zerodha, Upstox, Kotak Securities, and HDFC Securities.

It also provides technology infrastructure for registered investment advisors (RIAs) and asset managers, enabling them to create and distribute their own model portfolios through the platform.

"Smallcase is at the forefront of redefining how India invests. Their strong product-market fit and tech-driven approach position them as a leader in the new generation of wealth creation," said Navin Honagudi, managing director and founding general partner at Elev8 Venture Partners.

Focused on achieving profitability and expansion

Smallcase claims to have over 8 million users and has facilitated more than Rs 40,000 crore worth of transactions till date. The startup has also partnered with Zerodha to launch an asset management company (AMC) focused on index funds and ETFs.

Kamath earlier told Business Line that the company expects to turn profitable in the current year, as it continues to scale its assets under management and deepen engagement with both retail and institutional investors.

"Our vision is to build the investment infrastructure of tomorrow—one that is transparent, efficient, and aligned with the modern investor's needs," Kamath added.