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Amazon ramps up fintech play with smallcase investment
August 19, 2021
E-commerce giant Amazon Inc continued to ramp up fintech investments in the country by investing in capital markets focused fintech smallcase through its $250 million Smbhav Venture Fund announced in April.
Smallcase on Tuesday said it has raised $40 million as a part of its Series C funding led by Faering Capital and joined by new investors Amazon and Premji Invest at a valuation of around $200 million. Existing investors including Sequoia Capital India, Blume Ventures, Beenext, DSP Group, and Arkam Ventures also invested.
“The deal has been explored from a pure funding viewpoint as of now. Partnering for commercial distribution (of our products) through Amazon’s foundation is a future opportunity and a separate discussion. Nothing has been decided at this point,” said Vasanth Kamath, originator and CEO of smallcase, in an interaction with Mint.
Amazon has invested close to $5 million, people aware of the discussions told Mint. The round brings the total capital raised by smallcase to over $60 million with Faering Capital’s Sameer Shroff joining the board.
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