American e-commerce giant Amazon has forayed into Indian wealth management market by making investment in startup Smallcase Technologies.

Amazon, alongside Premji Invest, participated in smallcase’s $40m Series C funding round that was led by Faering Capital.

The round was also joined by the company’s existing investors such as Sequoia Capital, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures and HDFC Bank.

Launched in 2016 by Vasanth Kamath, Anugrah Shrivastava and Rohan Gupta, smallcase provides direct indexing and model portfolio platform that claims to have three million users.

The firm has a team of 200 employees at present and about two-thirds of them are said to work in technology and product engineering.

“This financing increases our responsibility to continue building simple, transparent and delightful experiences and platforms, while delivering more value to our users and partners. Our true success will lie in developing the core building blocks for every investor’s portfolio and becoming a key part of their toolkit,” the firm said in a statement announcing the fundraise.

In September 2020, the Bengaluru-based fintech raised $14m in Series B funding round.

Commenting on the latest round, smallcase founder and CEO Vasanth Kamath said: “The last two years have seen remarkable interest from Indian retail investors in the equity markets, and we are inspired to see smallcase become the primary gateway to stocks and ETFs for millions of new investors.”

Last month, India-based wealth management startup Tarraki entered into a strategic partnership with alternate investment platform smallcase.