BENGALURU, India—Amazon is backing a fintech in India, taking part in the $40-million Series C round funding by platform Smallcase, which offers consumer investment products.
The startup has raised had raised more than $60 million at the end of this round and it is now valued at $200 million, India Blooms reported.
Smallcase was founded in 2015.
“We will use this fundraise to continue enhancing our platform and grow the ecosystem we have built. We also plan to add more asset classes and instruments so that our platform can provide more use cases like financial planning and advisory,” said Smallcase Founder and CEO Vasanth Kamath. “We are working on adding mutual funds, bonds, and global equities on our platform. These are currently at different stages of integration.”
“In April this year, we launched the Amazon SMB Venture Fund (ASVF) to invest in early-stage tech startups. As part of this Fund, we are excited to partner with Smallcase in their journey to offer innovative consumer investment products. By increasing product selection and convenience, this will provide an additional channel for consumers to participate in the equity markets,” an Amazon spokesperson stated.
Since its Series B raise in September 2020, its user base has doubled to three million and transaction volumes have increased by 2.5 times to Rs 12,500 crore, the company added, the report stated.