Wealthtech startup smallcase has raised $50 million in a Series D funding round led by Elev8 Venture Partners, with participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures.
The startup has so far raised $121 million across seven rounds and has a user base of over 10 million. It counts Blume Ventures, Peak XV, and WEH Ventures among its early backers.
The capital thus raised will be used to expand smallcase’s investment product offerings across asset classes. It will also strengthen its relationships with retail investors and ecosystem partners, the company said.
Elev8 is a $200 million growth-stage fund founded by Navin Honagudi, former co-founder and partner at Kae Capital. The fund is anchored by South Korea’s KB Investment.
smallcase’s platform allows users to invest in a basket of stocks and Exchange Traded Funds (ETFs) curated by registered advisors. These financial products are usually based on a theme or an idea.
smallcase also has an asset management company in a joint venture with stock-trading major Zerodha. The JV is focused on building low-cost, passive mutual fund products.