Bengaluru-based investment tech startup Smallcase has raised $14 million (approx. Rs 100 crore) in its Series B funding round led by DSP Group along with existing investors Sequoia Capital India, Blume Ventures, Beenext & WEH Ventures.

The capital infusion round also saw participation from technology fund Arkam Ventures and angel investors such as Utpal Sheth (CEO at Rare Enterprises, owned by Rakesh Jhunjhunwala) & Kunal Shah (founder, CRED).

According to the company, the funds will be used to enhance product suite, technology infrastructure and expand its team.

“Our mission is to develop simple & transparent investment products for the Indian retail investor and in the last few years, we have built a very unique brand and have some of India’s most respected financial institutions as strategic partners to further this goal,” said Vasanth Kamath, founder & CEO, Smallcase.

Smallcase, co-founded in 2015 by IIT Kharagpur alumni – Rohan Gupta, Anugrah Shrivastava and Vasanth Kamath, specialises in providing investment and wealth management products to capital market participants through platforms such as Zerodha, HDFC Securities, Kotak Securities, 5Paisa and AxisDirect, among others.

“The desire to shift savings from banks to capital markets is hindered by high costs and structural issues like undersupply of passive investment options,” said Rahul Chandra, managing director, Arkam Ventures.

“As an active investor in middle India themes with insights into evolving fintech, we believe Smallcase will usher in the shift to passive investing in India through its scalable technology and unique business mode,” Chandra added.

Prior to the latest round, the company had raised $8 million in 2019 in a round led by Sequoia India along with several investors including Blume Ventures and Straddle Capital.