Investment tech startup Smallcase raises INR 99 Crore in a mix of equity and preference shares from a clutch of investors as a part of its Series B round. DSP Asset Management Firm, Sequoia’s SCI Investment V, Milestone Trusteeship Services, BEENEXT, and Unitary Funds participated in this round.
Other investors Relativity Investment Advisors’ Nakul Zaveri, Universal Trustees Private, Chanaya Value Creation, QED Innovations Lab, and AIB’s Tanmay Bhat also participated in this round. Smallcase will use this funding to meet its growth objectives and strengthen its financial position.
According to the ministry of corporate affairs filings, Smallcase has allocated 55 equity shares at a face value of INR 10 and a premium of INR 96,295 per share, 4,961 Series B Compulsory Convertible Preference Shares (CCPS), and 5,266 Series B1 CCPS of the face value of INR 50 and premium of INR 96,255 per share.
The startup launched in 2016 by Vasanth Kamath, Rohan Gupta, and Anugarh Shrivastava, the Bengaluru-based startup provides users with a professionally built basket of stocks called ‘smallcases’, allowing them to invest in portfolios of broker-partner stocks and exchange-traded funds (ETFs) using their personal existing Demat accounts. It works with stockbrokers like HDFC Securities, Zerodha, AxisDirect, Edelweiss, and 5Paisa.