WEH Ventures Fully Exits Smallcase Investment, Achieves 38% IRR
WEH Ventures, an India-based seed-stage venture capital fund, has successfully exited its investment calculator in Smallcase, a fidelity investments platform revolutionising stock investing in India. The exit marks a significant milestone for both parties.
WEH first invested in Smallcase in 2018, when the platform was in its early stages. At the time, Smallcase had partnered with one broker and managed a few hundred crore in assets. WEH's belief in Smallcase's potential was evident as it participated in every funding round from seed through Series C, ultimately fully exiting during the Series D round.
The exit delivered a complete return of capital on WEH's initial Rs 20 crore investment from Fund I. Moreover, it achieved an impressive internal rate of return (IRR) of 38%. This success can be attributed to WEH's early conviction and staying aligned with the founders, as noted by Deepak Gupta, Partner at WEH Ventures.
Since WEH's initial investment, Smallcase has experienced remarkable growth. It has expanded nearly 100-fold in assets under management and 80-fold in revenue. Today, Smallcase powers the investing journeys of nearly 10% of India's demat account holders, demonstrating its impact on the Indian stock market landscape.
WEH Ventures' successful exit from Smallcase underscores its ability to identify and support promising startups. The fund's long-term support, as praised by Vasanth Kamath, Founder and CEO of Smallcase, has been instrumental in the fidelity's growth. WEH's contrarian thesis that 'non-obvious, product-led innovation wins in large but underserved categories' has once again proven successful.
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