Smallcase Achieves Over 50% Year-on-Year Growth in Fiscal Year 2025
Smallcase, a leading wealthtech platform, has achieved an impressive growth rate of more than 50% year-on-year for the fiscal year ending March 2025. This remarkable performance is attributed to enhanced unit economics, as indicated by the data shared by various sources.
The revenue generated from Smallcase’s operations increased to Rs 106 crore in FY25, up from Rs 67.4 crore in FY24, according to the documents. Smallcase operates a platform that aids brokers in executing transactions in exchange-traded products, primarily earning revenue from transaction fees charged to these brokers. Additionally, the firm profits from research services and other related offerings.
The platform has facilitated transactions amounting to Rs 1.2 lakh crore, catering to a user base exceeding 10 million investors.
Despite recording over 50% growth in FY25, Smallcase has successfully managed its overall costs, leading to a decrease in its EBITDA losses to Rs 9 crore in FY25. Nonetheless, the Bengaluru-based company reported a net loss of Rs 34 crore for the last fiscal year.
Inquiries directed to Smallcase on Friday remained unanswered by the time this story was published.
Smallcase has raised approximately $120 million to date, including a $50 million Series D funding round completed in March this year. This round was led by Elev8 Ventures, with contributions from State Street Global Advisors, Niveshaay AIF, Faering Capital, among others. Previously, the firm had closed a $40 million round in 2022.
According to the startup data intelligence platform and several sources, Smallcase currently holds a valuation of between $285-290 million. Peak XV possesses the largest external stake at 16.2%, while Fearing Capital and Blume Ventures follow with stakes of 9.67% and 7.67%, respectively.
The startup Superb has recently analyzed the company’s latest valuation and detailed shareholding structure.
Smallcase faces competition from platforms such as INDmoney, which claimed Rs 70 crore in revenue for FY24, and Wint Wealth, which reported Rs 21 crore for the same period. Other competitors include Scripbox, Dezerv, and several emerging players in the wealthtech sector.