Smallcase Surpasses ₹100 Crore Revenue Milestone in FY25 with Strong Growth

Smallcase, a Bengaluru-based wealthtech platform, surpassed the ₹100 crore revenue milestone in FY25, reporting operational revenues of ₹106 crore, an over 50% rise from ₹67.4 crore in FY24, as per the Entrackr report. This notable growth came alongside enhanced unit economics and tighter control over operational costs. 

While the company reduced its EBITDA loss to ₹9 crore, it still registered a net loss of ₹34 crore during the same period.

Business Model and User Base

The platform enables brokers to carry out trades in exchange-traded products, generating the bulk of its revenue through transaction fees charged to these brokers. Additionally, it earns from research services and allied offerings. As of FY25, Smallcase has processed transactions worth ₹1.2 lakh crore and serves a growing community of over 10 million investors.

Funding, Valuation, and Competitive Landscape

To date, Smallcase has raised nearly $120 million, including a recent $50 million Series D round in March 2025 led by Elev8 Ventures. Other key investors include State Street Global Advisors, Niveshaay AIF, and Faering Capital. It had also raised $40 million in 2022. 

Currently, the platform is valued between $285-290 million, with Peak XV being the largest external stakeholder at 16.2%, followed by Faering Capital (9.67%) and Blume Ventures (7.67%). Competitors in the space include INDmoney (₹70 crore revenue in FY24), Wint Wealth (₹21 crore), Scripbox, Dezerv, and other upcoming wealthtech startups.

Read More: Gift Nifty Trade Lower: How Indian Market Likely to Open?

Conclusion 

Smallcase’s strong revenue growth, expanding user base, and improved cost efficiency highlight its solid position in the wealthtech space despite ongoing losses.

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