Fintech startup smallcase Technologies raises an undisclosed amount of funding from HDFC bank and others
The funding round also saw participation from existing investors such as DSP Group, Sequoia Capital India, Blume Ventures and others.
HDFC Bank, India’s largest private sector bank has invested an undisclosed amount in smallcase Technologies, and bought a minority stake, as part of a recent Series B fund-raise of $14 million by the Bengaluru-based fintech startup. Existing investors such as DSP Group, Sequoia Capital India, Blume Ventures, Beenext and WEH Ventures also participated in the round. Arkam Ventures and angel backers also took part in the round.
The startup, founded in 2015 by Vasanth Kamath, Rohan Gupta and Anugarh Shrivastava operates in the capital markets infrastructure space and works with businesses to help individuals invest in simple and transparent products called smallcases.
Created and managed by licensed research providers and advisors, smallcases are model portfolios of stocks and ETFs (Exchange Traded Funds). With growing interest and participation in equity markets, smallcases have seen a sharp increase in its investor base and amounts transacted over the last six months with its ecosystem approach. Its platform is integrated with brokers including Zerodha, HDFC Securities, Kotak Securities, 5Paisa and Axis Direct.
In February 2019, the company raised $8 million in a Sequoia-led Series A funding round. Blume Ventures, Straddle Capital, Beenext, WEH Ventures and DSP Adiko had also participated in that round.
— HDFC Bank News (@HDFCBankNews) December 8, 2020
Happy to announce that HDFC Bank, India's largest private bank & most trusted financial brand is now a @smallcaseHQ shareholder partner. Excited to have them onboard on our mission towards building simple & transparent investment products!https://t.co/doPJhfGpGp@SmitaHDFCBank
— Vasanth Kamath (@vasanthkamath) December 8, 2020
Happy to announce that @smallcaseHQ has raised money as part of their Series B round.
Here's wishing you greater milestones in building the future of stock investment.
— Blume Ventures (@BlumeVentures) December 8, 2020
Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply
Apart from these days, several banks might remain closed mid-March as many unions have called for a nationwide strike against the government's plan for making the banking sector private. The two-day-long strike is on 15 and 16 March.
NPCI registers 2.29 billion UPI transaction in Feb 2021, of these 970 million transactions were processed on PhonePe
Of the total UPI transactions in the month of February, Paytm achieved over 1.2 billion monthly transactions.
The top five gainers were Tata Motors, M&M, Wipro, Adani Ports and NTPC, while the top losers were ONGC, HDFC, Dr Reddy’s Labs, Coal India and Power Grid Corp