IIT Kharagpur Alumni–Founded Investment Platform Smallcase Reports Rs 114 Cr Revenue in FY25; Loss Narrows to Rs 33 Cr
Smallcase, an investment platform founded by alumni of IIT Kharagpur, has reported a significant financial performance in the fiscal year 2025 (FY25). The company has achieved a revenue of Rs 114 crore, marking a 52% increase from the Rs 75 crore reported in FY24. This growth is primarily attributed to the platform fees, which account for the majority of its revenue.
Revenue Breakdown
The financial statements sourced from the Registrar of Companies (RoC) indicate that platform fees were the main revenue driver, contributing 84% of the total revenue. Specifically, platform fee income surged to Rs 89.2 crore in FY25, up from Rs 57.8 crore in FY24. Additionally, revenue from research services and other operating streams amounted to Rs 16.8 crore in FY25.
Other Income
Smallcase also reported other income, which includes interest earned on fixed deposits and gains on investments, totaling Rs 8 crore in FY25. This is a slight increase from Rs 7.5 crore in FY24.
Expenditure Overview
On the expenditure side, Smallcase experienced a 33% increase in total expenses, which rose to Rs 144 crore in FY25, compared to Rs 108 crore in FY24. Key areas of expenditure included:
- Employee Benefit Expenses: These expenses increased by 16%, reaching Rs 81 crore, up from Rs 70 crore in the previous fiscal year.
- Advertising Expenses: Advertising costs surged by 44% to Rs 23 crore in FY25, compared to Rs 16 crore in FY24.
Losses Narrowed
Despite the rise in overall expenses, Smallcase managed to narrow its losses by 5.7%, reporting a loss of Rs 33 crore in FY25, down from Rs 35 crore in FY24. It is noteworthy that the FY24 figures exclude a significant net loss of Rs 141 crore, which was primarily due to fair value changes in shares subject to buyback.
About Smallcase
Founded in 2015 by IIT Kharagpur alumni Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta, Smallcase is a fintech platform that specializes in thematic investing. The platform allows users to invest in curated baskets of stocks and Exchange-Traded Funds (ETFs), simplifying the process of direct equity investing for retail investors.
Investment Model
One of the key differentiators of Smallcase is that investors hold direct ownership of the underlying securities in their own demat accounts. This is in contrast to mutual funds, where investors own units rather than the actual securities. Furthermore, Smallcase integrates seamlessly with leading Indian brokerage firms, enabling users to invest through their existing brokerage accounts.
Funding History
To date, Smallcase has raised approximately $120 million in funding. The most recent funding round was a Series D round in March 2025, where the company secured $50 million led by Elev8 Venture Partners. Prior to this, in August 2021, Smallcase raised $40 million in its Series C round, which was led by Faering Capital, with participation from notable investors such as Amazon and Premji Invest.
Industry Context
Smallcase is part of a growing trend in the fintech sector, where platforms are increasingly focusing on providing retail investors with tools and resources to manage their investments more effectively. The rise of thematic investing has gained traction as investors seek to align their portfolios with specific trends or sectors, making Smallcase’s offerings particularly relevant in today’s market.
Conclusion
In summary, Smallcase has demonstrated robust growth in FY25, with a significant increase in revenue and a narrowing of losses. As the company continues to innovate in the fintech space, its unique approach to direct equity investing positions it well for future growth.
Note: This article is based on financial data available as of April 2026 and may be subject to change as new information becomes available.
