 "Two of the largecap-oriented mutual fund (MF) offerings — flexicap and largecap funds — witnessed a spike in investor interest in October amid a fall in the equity market.")
Model portfolios platform Smallcase on Friday said it has raised $50 million in a new funding round led by Elev8 Venture Partners.
The funding round is a mix of primary issuance of shares by the company and also secondary, where existing investors have sold shares, as per a statement.
Other investors who participated in the round include State Street Global Advisors, Niveshaay AIF, Faeringcapital and Arkam Ventures, it said.
Newly raised money will be deployed for expanding investment product offerings across asset classes and strengthen relationships with retail investors and ecosystem partners, it said.
The company launched in 2016 helps individuals take a diversified approach towards building long-term portfolios, and has witnessed transactions of over ₹1.2 trillion.
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"The opportunity to help millions of Indians design better financial futures is one of huge responsibilities and we will continue to deliver on it," its co-founder and chief executive Vasanth Kamath said.
Elev8's managing director and founding general partner Navin Honagudi said the team has built a world-class investment platform that has become a mainstream player in India's asset and wealth management landscape.
The company had forged a mutual fund joint venture with brokerage Zerodha in 2023 and its other investors include Peak XV Partners (formerly Sequoia Capital India), Blume Ventures, Amazon SmbhavVenture Fund (ASVF), Premji Invest, DSP Group and HDFC Bank.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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