AMAZON RAMPS UP FINTECH PLAY WITH FUNDING IN SMALLCASE
BENGALURU: Amazon.com Inc. is bolstering its fintech play in India, one of its largest markets after the US, as it ramps up its investment in financial technology firms in the country.
Capital markets-focused fintech Smallcase on Wednesday said it raised $40 million as a part of its Series C round led by Faering Capital, at a valuation of around $200 million. Amazon also participated along with Premji Invest as new investors in the company. Existing investors, including Sequoia Capital India, Blume Ventures, Beenext, DSP Group and Arkam Ventures, also invested in the round.
In a statement, Amazon said it has invested through its newly incorporated $250 million Smbhav Venture Fund.
This year, Amazon has invested $10 million in invoiceled financing platform M1 Exchange, which caters to small and medium enterprises (SMES).
“The deal has been explored from a pure funding perspective at present. Partnering for commercial distribution (of our products) through Amazon’s platform is a future opportunity and a separate conversation. Nothing has been decided yet,” said Vasanth Kamath, founder and chief executive of Smallcase, in an interview.
Amazon has roughly invested close to $5 million in this fundraise, individuals aware of the discussions said. The round brings the total capital raised by Smallcase to over $60 million, with Faering Capital’s Sameer Shroff joining the company’s board.