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Amazon backs Indian wealth management service Smallcase in $40 million funding

Amazon has entered the financial services and coverage sells of India in recent years. Now it is paving the best ways to foray into the money management category.

The American e-commerce giant has backed Bangalore-based startup Smallcase in a $40 million Series C financing round.

The round was led by Faering Capital and Premji Invest as well as existing investors Sequoia Capital, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures and HDFC Bank likewise was attended the brand-new round, which imparts its total to-date raise to over $65 million.

Founded by three IIT Kharagpur alumnus in July 2015, Smallcase offers a stage to help introduce a new generation of investors to the Indian equity markets.

The startup renders an in-house team of licensed professionals who furnish over 100 portfolios of stocks and exchange sold monies as well as equips its useds access to independent investment managers, brokerages and asset platforms.

The startup aids a dozen resulting furnish intermediaries in India including Tiger Global-backed Upstox, and Zerodha’s Kite.

Smallcase has amassed over 3 million useds, who are transacting about $2.5 billion each year. It says a consumer can start making their investments in precisely two clicks after signing up for the service.

“We have created a brand-new, fast-growing category of investment makes by developing an ecosystem of 250+ ventures in the capital groceries gap including India’s largest and fastest growing brokerages, advisors, asset managers and digital wealth pulpits, ” said Vasanth Kamath, co-founder and chief executive of Smallcase.

“It has been both humble and engendering to see smallcases become the primary gateway to assets& ETFs for millions of brand-new investors. This funding increases our responsibility to continue building simple, transparent and entertaining events and scaffolds, while delivering more quality to our users and marriages. Our true-blue success will lie in developing the core building blocks for every investor’s portfolio and becoming a key part of their toolkit, ” he added.

The startup, which fills 200 people, said it plans to deploy the fund to broaden its technology platform and earn more customers.

This isn’t the first time Amazon has backed an Indian startup. The e-commerce firm, which has deployed over $6.5 billion in its India business, has invested in ride-hailing firm Shuttl, debit rejecting mart exchange for MSMEs M1xchange, and direct-to-customer glamour symbol MyGlamm.

Earlier this year, Amazon also unveiled a $250 million venture fund to invest in Indian startups and financiers focused on digitizing small and medium-sized business in the South Asian market.

An Amazon spokesperson said the company invested in Smallcase through its $250 million venture fund.” As part of this Fund, “we ii” provoked to partner with smallcase in their travel to offer innovative purchaser speculation produces. By increasing produce selection and amenity, this will provide an additional channel for consumers to participate in the equity marketplaces ,” the spokesperson added.

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