According to reports, wealthtech platform Smallcase saw over 50% year-on-year growth in the fiscal year ending March 2025, with improved unit economics. Smallcase's operating revenue increased to Rs 106 crore in FY25 from Rs 67.4 crore in FY24.

Smallcase operates a platform that enables brokers to execute transactions in exchange-traded products. Its primary source of revenue is transaction fees charged to these brokers. It also generates revenue from research services and other related offerings.

Key Highlights

• Smallcase’s FY25 revenue surged to ₹106 cr, up from ₹67.4 cr in FY24—a 57% increase.
• FY25 transactions topped ₹1.2 lakh cr via Smallcase platform, serving over 10 million investors in India.

The platform has facilitated transactions totaling Rs 1.2 lakh crore and serves over 10 million investors. Despite over 50% growth in FY25, Smallcase managed to keep its overall costs under control, resulting in EBITDA losses of Rs 9 crore in FY25. However, the Bengaluru-based company reported a net loss of Rs 34 crore in the previous fiscal year (FY25).

Smallcase has raised approximately $120 million to date, including a $50 million Series D in March of this year, led by Elev8 Ventures, with participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and others. Prior to this, it completed a $40 million round in 2022.

Also Read: Smallcase Successfully Raised USD 50 Million in Series D led by Elev8 

According to TheKredible, a startup data intelligence platform, Smallcase is currently worth $285-290 million. Peak XV has the largest external stake (16.2%), followed by Fearing Capital and Blume Ventures with 9.67% and 7.67%, respectively.

Smallcase faces competition from platforms such as INDmoney, which reported Rs 70 crore in revenue in FY24, and Wint Wealth, which reported Rs 21 crore in the same period. Scripbox, Dezerv, and a number of new wealthtech companies are also competitors.