WEH Ventures’ Smallcase exit fully returns 2017 Fund I capital

WEH Ventures, an India-based seed-stage venture capital fund, has exited its investment in Smallcase, achieving a complete return of capital on its Rs 20 crore Fund I. The exit delivered an internal rate of return (IRR) of 38% and marks a significant milestone in the firm’s early-stage investment portfolio.

WEH first invested in Smallcase in 2018, when the platform had partnered with just one broker and managed only a few hundred crore in assets. At a time when many investors were focused on distribution-first wealth-tech models, WEH backed a contrarian thesis: that “non-obvious, product-led innovation wins in large but underserved categories.”

Over the past six years, Smallcase has expanded nearly 100-fold in assets under management, recorded an 80-fold increase in revenue, and reached operating profitability. Today, the company powers the investing journeys of nearly 10% of India’s demat account holders. Its B2B infrastructure also enables financial advisers to build and distribute portfolios, earning it the moniker “Shopify for capital markets.” 

WEH Ventures participated in every funding round from seed through Series C, before fully exiting during the Series D funding round. 

“Smallcase was one of the first companies we backed, representing a strong and differentiated belief that India’s investing landscape needed deeper product innovation. Our investment journey was driven by clarity, conviction, and consistency—principles that guided us through each phase of the company’s growth. This exit affirms the value of early conviction and staying closely aligned with founders during their build phase,” said Deepak Gupta, Partner at WEH Ventures. 

Vasanth Kamath, Founder and CEO of Smallcase, added, “WEH Ventures came in when our product was still nascent and the broader space was largely untouched. Our partnership has been marked by their unwavering clarity, deep conviction, and long-term consistency. We're grateful for their belief in our mission and their support throughout our journey.” 

Since 2017, WEH has invested in over 25 startups across sectors including fintech, consumer products, and digital media. Portfolio startups include Smallcase, Jar, Pratilipi, MasterChow, and Animall.