Established in 2022, SmartBasket is a neo-broking solution for retail investors, designed to help automate and optimize their investments with the use of artificial intelligence.
The fintech company’s total expenditure in FY23 amounted to Rs 79.7 lakhs. While employee benefits was a major contributor to this spending over Rs 41 lakhs, travelling costs and depreciation contributed over Rs 1 lakh and more than Rs 37,000.
Based out of Bengaluru, SmartBasket also serve as an aggregator of wealth management analysts and stockbrokers. It aims to make investing more accessible and straightforward for retail investors and for common people.
Mimicking the expenses, the company’s losses too amounted to Rs 79.7 lakhs. The same year its ROCE stood at -291.78%. SmartBasket is yet to generate revenue.
It raised a total of Rs 75 lakhs in its Angel round held in 2022 led by Thomas Jose Pattara and Salil Gupta.