Source: Entrackr
Bengaluru, In a major milestone for wealthtech platform Smallcase, it has surpassed the ₹100 crore revenue pile for the financial year ending March 2025 (FY25), marking more than 50% year-on-year revenue growth. Company’s revenue from operations for the financial year ending March 31, 2025, grew to ₹106 crore, up from ₹67.4 crore in FY24 according to document
Smallcase, which came into existence in 2015, offers users a platform to invest in and manage groups of stocks and exchange-traded products (ETFs). These groups, called “smallcases”, are created by financial professionals to help retail investors invest in predetermined themes. The platform collaborates with brokers for execution of orders.
Most of Smallcase’s revenues come from charging broker partners for transactions. It also earns from research services and other tools it offers users and professionals.
Strong Growth and Enhanced Cost Management
While revenue increased markedly in FY25, the company also improved its cost structure. The company reduced EBITDA losses to ₹9 crore, down significantly from the higher losses the company incurred in previous years. However, the company still generated its net loss of ₹34 crore in FY25. The decline in operating loss implies better unit economics and stronger cost management.
As a platform, Smallcase has facilitated transactions totaling ₹1.2 lakh crore to date, and now has a fledgling community of over 10 million investors across India, indicating the growing affinity for Smallcase from the retail investor and registered investment advisers who want to simplify their investing process.
Financing and Value
Smallcase has received approximately $120 million in total financing, raising $50 million in a Series D round in March 2025, led by Elev8 Ventures. Other investors included State Street Global Advisors, Niveshaay AIF, Faering Capital, and others. Before this, the company raised $40 million in 2022.
The average valuation of Smallcase based on TheKredible data is about $285-290 million. Below is a quick summary of the largest investors:
- Peak XV holds 16.2%
- Faering Capital owns 9.67%
- Blume Ventures has a 7.67% stake
Smallcase operates in a competitive space. Its key competitors include:
- INDmoney, which reported ₹70 crore revenue in FY24
- Wint Wealth, which posted ₹21 crore
- Others like Scripbox, Dezerv, and several new wealthtech startups
Future Outlook : Tailing the ₹100 crore revenue milestone is significant for Smallcase. With improved cost management, increasing user numbers, and strong investor support, the company is closer to breakeven.
Also read: https://www.businessoutreach.in/startup-funding-news-india-july-2025/
