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Smallcase raises $50 Mn in Series D led by Elev8

EntrackrEntrackr · 3m ago
Smallcase raises $50 Mn in Series D led by Elev8
Medial

Smallcase raises $50 Mn in Series D led by Elev8 Wealthtech startup Smallcase has raised $50 million in its Series D round led by Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital will be used to expand Smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners, Smallcase said in a press release. The new round is coming after a gap of more than 3.5 years. Smallcase has raised around $120 million to date, including $40 million in a Series C round led by Faering Capital in August 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Faering Capital and Blume Ventures. Launched in 2016, Smallcase offers a model portfolio platform that has served over 10 million investors. It also provides technology solutions to more than 250 financial institutions, including research firms, advisors, wealth managers, and brokerages. The platform recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs. Smallcase's revenue from operations surged to Rs 67.4 crore in FY24 from Rs 30.6 crore in FY23. A drop in advertising and employee benefits enabled the company to reduce its losses by 74.4% to Rs 34 crore in the last fiscal year. According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months. Elev8 Venture Partners, backed by South Korea’s KB Investment, focuses on B2B SaaS, enterprise tech, consumer tech, and fintech. This is its third investment after supporting identity verification platform IDfy and astrotech platform Astrotalk.

Breaking down SmallCase’s Series D: funding, valuation, and cap table

EntrackrEntrackr · 2m ago
Breaking down SmallCase’s Series D: funding, valuation, and cap table
Medial

Smallcase has secured $50 million in its Series D funding round, led by Elev8 Ventures, with participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, Rummytime Technologies, and others. The investment comprised a mix of primary and secondary transactions, though the company did not disclose a split between the two. Entrackr has analyzed regulatory filings to uncover insights into the primary funding breakdown, shareholding, and current valuation. The board at SmallCase has passed a special resolution to issue 3,890 Series D1 and 1,644 Series D2 compulsory convertible preferred shares at an issue price of Rs 4,44,560 each to raise Rs 247 crore or $29 million as primary capital, its regulatory filing accessed from the RoC shows. In the primary funding round, State Street Global Advisors invested Rs 81.7 crore, while Elev8 Capital, Rummytime Technologies (Gaming), and Unitary Fund contributed Rs 34.5 crore, Rs 24.5 crore, and Rs 20 crore, respectively. The remaining amount came from Akram Ventures, Faering Capital, Niveshaay Sambhav, and over 20 other investors. The company has not mentioned the secondary round details in its regulatory filings. However, media reports suggest that Peak XV, WEH Ventures, and some early investors were looking to offload their shares in this round. Notably, the conversion of Series D shares will be 1:10 as per their terms. According to Entrackr’s estimates, the company will be valued at around $285-290 million post-allotment. Smallcase has raised over $120 million to date. According to startup data platform TheKredible, Peak XV holds the largest external stake at 16.2%, followed by Fearing Capital and Blume Ventures with 9.67% and 7.67%, respectively. Notably, these shareholding percentages will change a bit following the secondary transaction disclosure. Smallcase reported a 2.2X year-on-year revenue growth, reaching Rs 67.4 crore in the fiscal year ending March 2024. The company provides a platform for brokers to facilitate transactions in exchange-traded products, generating revenue primarily through transaction fees from brokers. Moreover, its losses shrank by 74% to Rs 34 crore during the same period.

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