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Global e-commerce giant Amazon has made its first investment in the Indian wealth management sector by participating in Bengaluru-based fintech startup Smallcase Technologies’ $40 million round.

Smallcase was founded in 2015 by Indian Institute of Technology (IIT) Kharagpur alumni Anugrah Shrivastava, Rohan Gupta, and Vasanth Kamath. The company provides users with weighted portfolios of stocks and exchange traded funds (ETF) for retail investors to invest in using their personal existing demat accounts.

These portfolios were created by in-house licensed professionals as well as access to independent investment managers, brokerages and wealth platforms. The company works with stockbrokers like HDFC Securities, Zerodha, AxisDirect, Edelweiss and 5Paisa.

Smallcase’s $40 million funding round was led by Faering Capital, with participation from PremjiInvest. Existing investors Sequoia Capital and Blume Ventures also participated in this round. With this round, the fintech startup has raised $60 million to date.

The company will use this capital to expand its investment products across mutual funds, global equities and bonds. A part of the funding will also be used to build its technology platform and further build its distribution network.

The development was first reported by Bloomberg.