Amazon has made its entry in the Indian wealth management sector by participating in fintech startup Smallcase Technologies' $40 million investment round. The round was led by Faering Capital with participation from PremjiInvest.
Amazon made the investment through its $250 million SMBhav venture fund, which was launched in April 2021 to invest in early stage tech start-ups in India.
Smallcase is Amazon's latest bet in India's finance industry. The ecommerce giant already has a presence in payments space through Amazon Pay. It also has investments in other fintech startups in India including insurance player Acko General Insurance and credit platform Capital Float.
Smallcase allows investors to invest in professionally tailored baskets of stocks and ETFs that reflect an investing idea or strategy. The startup has tie-ups with a dozen brokerages in the country, and distributes its products via broker partners, wealth advisers and distributors.
