India’s largest private sector bank HDFC Bank participated in the Series B funding round of smallcase by acquiring a minority stake in the fintech company.
In September, the Bengaluru-based startup has announced that it has raised a funding of $ 14 million from its latest funding round. The round saw participation from DSP Asset Management Firm, Sequoia Capital’s SCI Investment V, Milestone Trusteeship Services, BEENEXT, and Unitary Funds. Nakul Zaveri, Universal Trustees Private, Chanakya Value Creation, QED Innovations Lab and AIB’s Tanmay Bhat were the relative investment advisors who joined the round as investors.
Commenting on the latest round, Smita Bhagat, Senior Executive VP, HDFC Bank said,“HDFC Bank, over the past few years, has been working closely with the startup and fintech ecosystem in India in various ways. This ecosystem, we believe, will play an important role in the economic progress of the country. With a unique model, smallcase is well-positioned to create a niche in the capital markets in India and also help expand the market.”
According to filings, smallcase has allocated 55 equity shares at a face value of Rs 10 each and a premium of Rs 96,295 per share, 4,961 Series B Compulsory Convertible Preference Shares (CCPS) and 5,266 Series B1 CCPS of the face value of Rs 50 at a premium of Rs 96,255 per preferential share.
The capital markets infrastructure startup will use the proceeds to enhance the infrastructure stack and add more investment products and partners in its investment portfolio. It works with capital market participants including stockbrokers, advisors and digital wealth platforms for offering simple and transparent investment products so called ‘smallcases’.