Amazon enters India wealth management with bet on startup Smallcase

Smallcase improves digital access to capital markets by offering weighted portfolios of stocks and exchange traded funds.

Amazon.com Inc. has made its maiden investment in India’s wealth management sector, participating in a $40 million round by fintech startup Smallcase Technologies Pvt.

The Bangalore-headquartered startup said the round was led by Faering Capital Pvt and also joined by another new investor PremjiInvest, the private investment office of technology billionaire Azim Premji. Existing backers including Sequoia Capital India and Blume Ventures also participated, bringing the total capital raised by the firm to over $60 million.

Smallcase was founded in 2015 by three friends Vasanth Kamath, Anugrah Shrivastava and Rohan Gupta, all alumni of the premier Indian Institute of Technology in Kharagpur.