Elev8 Venture Partners Leads $50M Series D Round in smallcase, Betting Big on the Future of WealthTech in India

Muskaan Kapoor

28 Mar 2025 — 3 min read

Navin Honagudi, MD, Elev8 Venture Partners | Elev8 Venture Partners Leads $50M Series D Round in smallcase

BENGALURU, March 28, 2025: Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups, has led a $50 million Series D funding round in smallcase, India’s leading model portfolios platform. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital raised will be used to expand smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners.

This investment reflects Elev8’s confidence in India’s rapidly evolving wealthtech landscape, as millions of retail investors seek simplified, transparent, and diversified investment solutions. With over INR 1.2 lakh crores in transactions and a user base of 10 million+ investors, smallcase has redefined how individuals manage their wealth. The fresh capital will accelerate smallcase’s product expansion across mutual funds, fixed income, and other asset classes while deepening its market reach.

Elev8 Venture Partners, anchored by South Korea’s KB Investment, focuses on B2B SaaS, Enterprise Tech, Consumer Tech, and FinTech. This is Elev8’s third investment, following its backing of IDfy, a leading identity verification platform, and Astrotalk, India’s largest astrotech platform. Elev8 remains committed to investing in high-growth, category-defining startups and sees smallcase as a key player in the rapidly evolving wealthtech space.

Speaking on the investment, Navin Honagudi, Managing Director and Founding General Partner at Elev8 Venture Partners, said: “India’s retail investing landscape is undergoing a seismic shift, and smallcase has been at the forefront of this transformation. Their ability to innovate, build trust, and scale in a highly competitive market makes them a standout player. At Elev8, we believe in backing companies that are not just growing fast but are also shaping industries. smallcase fits that vision perfectly, and we are excited to support them as they expand their offerings and reach millions more investors.”

Vasanth Kamath, co-founder & CEO of smallcase, said, “smallcase’s vision has always been to build simple and transparent products that are relevant for every investor’s portfolio. The opportunity to help millions of Indians design better financial futures is one of huge responsibility, and we will continue to deliver on it with honesty & integrity along with our partners. I am delighted to welcome our new shareholders who believe in our mission and are grateful to our existing investors for their trust & conviction”

Since its launch in 2016, smallcase has played a pivotal role in transforming how Indian retail investors access equity markets. Recognizing the growing demand for diversified investment options, smallcase recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs.

With this fresh round of funding, smallcase is set to broaden its product suite, integrating asset classes like mutual funds and fixed income. The company will also enhance its technology and data analytics capabilities, equipping investors with smarter tools to optimise their wealth. Additionally, smallcase plans to strengthen its partnerships with leading financial institutions, enabling deeper industry-wide integration and adoption.

With India witnessing a surge in retail investor participation, Elev8 sees fintech and wealthtech as critical sectors poised for long-term growth. By investing in smallcase, Elev8 is reinforcing its commitment to backing high-growth companies that are building scalable, technology-driven financial solutions for the next generation of investors.

About Elev8 Venture Partners

Elev8 Venture Partners is a $200 million growth-stage fund anchored by South Korea's KB Investment. The fund focuses on investing in high-growth Indian startups with the potential to scale globally. Elev8 primarily targets sectors such as B2B SaaS, Enterprise Tech, Consumer Tech, and FinTech.

About smallcase

smallcase is a leading provider of investment products and platforms for the capital markets industry. Launched in 2016, it operates India’s largest model portfolios platform and has served over 10 million individual investors across all its offerings till date. smallcase also provides technology solutions to 250+ leading financial institutions and brands across research firms, advisors, wealth managers and brokerages.