As a part of recently concluded $14 million Series B round funding, Smallcase has raised an undisclosed amount from HDFC bank.
The new round funding also saw the participation from its existing investors as DSP Group, Sequoia Capital India, and Blume Ventures.
Founded in 2015, Smallcase is a model portfolio of stocks and exchange trade funds (ETFs) that are created and managed by registered individuals and equities and accessible to real investors.
Speaking on the Fundraise, Vasanth Kamath, Founder & CEO of Smallcase, said, “Today we work closely with India’s most respected financial institutions & partnering with HDFC Bank as our shareholder will help us accelerate towards building world-class infrastructure and platform for the Indian market and grow this ecosystem.”
Commenting on the funding, Smita Bhagat, Country Head – Government & Institutional Business, E-commerce & Startups, HDFC Bank, said, “Over the past few years, HDFC Bank has been working closely with the startups and fintech ecosystem in India in various ways.”
“This ecosystem, we believe, will play an important role in the economic progress of the country with a unique model. Smallcase is well-positioned to create a niche in the capital markets in India and help expand the market,” Bhagat said.
Adding to the statement, Nandkishore Purohit, Head – Digital Business, HDFC Securities, said, “Partnering with fintech firms as smallcase has always been a part of our core strategy of providing a differentiated experience to our customers across platforms and products. This investment by HDFC Bank further strengthens our partnership with smallcase for various future initiatives to deliver best-in-class customer experiences.”