HDFC Bank Backs Fintech Startup Smallcase
HDFC Bank has picked a minority stake in the company in return of the investment made as part of Series B funding round
Smallcase, a financial technology company that enables investing in a basket of stocks, has raised an undisclosed amount as part of its series B funding round from HDFC Bank. The country’s largest lender has picked a minority stake in the company in return of the investment.
Existing investors DSP Group, Sequoia Capital and Blume Ventures along with Arkam Ventures and a clutch of angel investors also participated in the round.
Founded in 2015 by IIT-Kharagpur alumnus Vasanth Kamath, Rohan Gupta and Anugrah Shrivastava, smallcase through its platform lets people invest in a portfolio of stocks or exchange-traded funds (ETFs), or even create customized portfolios. These portfolios can be sectoral, thematic, large-cap stocks-oriented or give exposure to various assets via ETFs aligned with the chosen asset allocation strategy.
For instance, a smallcase named ‘Smart Beta’ offers exposure to large-cap stocks.
“With a unique model, smallcase is well positioned to create a niche in the capital markets in India and also help expand the market,” Smita Bhagat, head – government and institutional business, e-commerce and startups units, HDFC Bank, said.
The Bengaluru-based company had raised USD 14 million as part of its Series B financing round led by DSP Group in September this year.
The start-up has tied up with brokerages like HDFC Securities, Kotak Securities, Axis Securities and Zerodha to offer smallcases to its customers.