smallcase
👤 Vasanth Kamath, Anugrah Shrivastava, Rohan Gupta (IIT Kharagpur trio; Vasanth ex-Tracxn. Got Zerodha's Rainmatter to fund the rail — the top broker became a backer, not rival.)🌐 siteLinkedIn
A marketplace of ready-made stock baskets built by SEBI-registered managers, run inside the broker you already use.
Will it work? · our read
Toll, not broker. smallcase invented a product primitive and a rail to sell it — smart distribution. But 85.8% of revenue is a broker fee it can't fully control, and it still runs a loss.
01How the money moves
Managers & smallcase build themed stock/ETF baskets
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Investor buys the basket via their own broker account
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smallcase collects a fee on every trade + broker fee-share
02The numbers
₹67cr ($8M)StatedFY24 rev from ops
FY24
the sentence on the page
firm controlled its losses by 74% in the last fiscal. Smallcase revenue from operations surged to Rs 67.4 crore in the last fiscal year from Rs 30.6 crore in FY23, its consolidated annual figures…
The $9.3B is cumulative transaction value (GMV) since 2016 — not revenue. Rev from ops was ₹67.4cr (about $8M) in FY24. Entrackr FY24 filings
About $8M (₹67.4cr) FY24 rev from ops, up 2.2X YoY; net loss about $4M (MCA filings).
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Entrackr — smallcase FY24 filings: rev from ops ₹67.4cr (about $8M), net loss ₹34cr (about $4M), 85.8% from broker fees.Forbes India: crossed 10M users and $9.3B cumulative transaction value; users up 30% in FY24.smallcase — fees: ₹100 (about $1) platform fee per lump-sum buy; runs inside your existing broker account.TechCrunch: Amazon and Peak XV back smallcase; Zerodha's Rainmatter was an early backer.Forbes India 30-under-30: founded 2015 by Vasanth Kamath, Anugrah Shrivastava, Rohan Gupta (IIT Kharagpur).
Revenue is from smallcase's FY24 statutory MCA/ROC filing (year ended Mar 31, 2024) as reported by Entrackr's fintrackr; I did not read the raw filing. Rev from ops ₹67.4cr (about $8M), up 2.2X; net loss ₹34cr (about $4M); 85.8% of revenue was broker transaction fees. The $9.3B is cumulative transaction value (GMV) since 2016 per Forbes India — NOT revenue, labeled as such. 10M+ users and up-30% FY24 growth per Forbes India. USD figures are approximate at about ₹83 to the $. The 'never became a broker' positioning and Zerodha/Rainmatter backing are documented; the read that brokers could cut the fee-share is [our read], not a company-stated risk. We never score you.