What Windmill Capital does

Windmill Capital Private Limited is a Bangalore-based, SEBI-registered research analyst (Registration No. INH200007645, BSE member) incorporated in 2020 that creates and manages curated investment portfolios distributed exclusively as smallcases on the smallcase platform. The firm offers over 50 portfolios across multiple categories: mutual fund picks across market-cap segments (Largecap, Midcap, Smallcap, Flexicap, Multicap), factor-based smart beta strategies (Quality, Value, Momentum, Dividend, Low Risk), thematic baskets (AI & Data Center Value Chain, Defence Picks, Speciality Chemicals, Brand Value, Post-IPO Quality), sector and corporate-group trackers (House of Tata, Bajaj, HDFC, Mahindra, Murugappa), quantitative asset allocation models, and the Horizon Target Date retirement portfolio series spanning 2030 to 2060 vintages. Portfolio construction combines a proprietary multi-factor predictive analytics methodology with human analyst oversight, and constituent funds are continuously monitored with rebalancing triggered by material changes in risk-return outlook, fund manager identity, or investment policy.

Windmill Capital monetizes through tiered annual subscription advisory fees on premium smallcases, ranging from approximately ₹600 to ₹12,600 per year depending on portfolio complexity, with a freemium tier offered on mutual fund smallcases and minimum investment thresholds ranging from ₹300 to ₹20,000 per portfolio. The firm operates entirely through the smallcase platform and its 16 partner broker integrations, including Zerodha, Groww, HDFC Securities, ICICI Direct, Kotak Securities, AxisDirect, Edelweiss, Motilal Oswal, Upstox, 5Paisa, Aliceblue, Angel Broking, IIFL, Trustline, Fundzbazar, and Dhan — enabling 2-click investing directly from investors' existing broker demat accounts. The target customer is the Indian retail investor across the risk spectrum, from young accumulators starting SIPs to retirement planners, and the firm does not serve institutional or enterprise clients. No revenue, funding, or subscriber scale has been disclosed in available materials.

Name

Windmill Capital

Legal name

Windmill Capital Private Limited

Website

https://windmillcapital.smallcase.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Windmill Capital is a SEBI-registered research analyst that builds and manages 50+ curated investment portfolios on the smallcase platform, distributed through 16 Indian broker partners to retail investors across risk and strategy segments.

Ownership category

akta.pro rank

Product category

Investment Research & Advisory

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG)

akta.pro secondary industry

Small-Cap Equity (Active) (FSAAAIAC)

Keywords

• Curated investment portfolios
• SEBI research analyst services
• Thematic smallcases
• Asset allocation models
• Mutual fund selection

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Smallcase Subscription Fees: Windmill Capital charges advisory fees for premium smallcase portfolios. Fees vary by portfolio strategy, ranging from ₹600 to ₹12,600 annually. Some mutual fund smallcases are offered free of charge (Free Access tier).
2. Minimum Investment Amounts: While not direct revenue, minimum investment amounts are required for each smallcase, creating a threshold for customer access. These vary from ₹300 to ₹20,000 depending on the portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Windmill Capital is a SEBI-registered research analyst that creates and manages curated investment portfolios (smallcases) on the smallcase platform. The company offers 50+ portfolios spanning mutual fund picks across market caps, thematic baskets, smart beta strategies, sector trackers, target-date retirement portfolios, and quantitative asset allocation models. Investors subscribe to these portfolios through partner broker platforms such as Zerodha, Groww, and HDFC Securities, paying annual advisory fees or accessing certain mutual fund smallcases free of charge.

Product overview

Windmill Capital is a SEBI-registered research analyst (INH200007645) offering curated stock/ETF/Mutual Fund smallcases on the smallcase platform. The product suite consists of two main categories: (1) Mutual Fund Picks smallcases (Largecap, Midcap, Smallcap, Flexicap, and Multicap) that use predictive analytics models with multi-factor approaches to select actively-managed funds across asset management companies, and (2) Over 30 thematic, factor-based, and sector tracker smallcases including GEM-Q Model, Dividend Smart Beta, Value & Momentum Model, Quality Smart Beta, AI & Data Center Value Chain Theme, Defence Picks Theme, House of Tata/Bajaj/HDFC/Mahindra/Murugappa Trackers, Horizon Target Date Retirement Portfolios (2030-2060), and various quantitative (Quant) and asset allocation models. Users access these smallcases through 16 partner broker platforms (Zerodha, Groww, ICICI Direct, HDFC Securities, etc.) where they can invest, track performance via index values, set up SIPs, and receive periodic rebalancing updates.

Differentiator

Problem solved

Functional benefit

Products and services

• Largecap Mutual Fund Picks A focused model portfolio of largecap mutual funds comprising actively-managed funds that predominantly invest in the top 100 stocks by market capitalization. Uses a data-backed multi-factor selection methodology to deliver returns that outpace the broader large-cap equity category.
• Midcap Mutual Fund Picks A focused model portfolio of midcap mutual funds comprising actively-managed funds that invest in companies ranked 101st to 250th by market capitalization. Uses data-backed selection methodology to deliver returns that outpace the broader mid-cap equity category.
• Smallcap Mutual Fund Picks A focused model portfolio of smallcap mutual funds comprising actively-managed funds that invest in companies ranked 251st and beyond by market capitalization. Uses data-backed selection methodology to deliver returns that outpace the broader small-cap equity category.
• Flexicap Mutual Fund Picks A focused model portfolio of flexicap mutual funds comprising actively-managed funds that invest across all market-cap segments with dynamic allocation flexibility to largecap, midcap, and smallcap stocks.
• Multicap Mutual Fund Picks A focused model portfolio of multicap mutual funds comprising actively-managed funds that invest across all market-cap segments while maintaining fixed allocation to largecap, midcap, and smallcap stocks.
• GEM-Q Model A quantitative model portfolio offered as a fee-based smallcase, focused on Global Emerging Markets quality investing.
• Dividend Smart Beta A smart beta smallcase targeting dividend-paying stocks with factor-based selection.
• Value & Momentum Model A quantitative model combining value and momentum factors for portfolio construction.
• Brand Value Theme A thematic smallcase focused on companies with strong brand equity and value characteristics.
• Dividend Stars Model A quantitative model smallcase focused on dividend-generating companies.
• Growth & Value Multicap Model A multicap model portfolio combining growth and value factors across market capitalizations.
• Smallcap Quality & Growth Model A smallcap-focused model targeting quality companies with growth characteristics.
• Quality Smart Beta A smart beta smallcase focusing on quality factor stocks.
• Horizon Target Date Portfolios (2030, 2035, 2040, 2045, 2050, 2055, 2060) A series of retirement-focused target date model portfolios that adjust asset allocation based on the investor's target retirement date, automatically rebalancing over time.
• Dynamic Sector Rotation Theme A thematic smallcase that dynamically rotates across sectors based on market conditions.
• Speciality Chemicals Theme A thematic smallcase focused on specialty chemicals sector companies.
• AI & Data Center Value Chain Theme A thematic smallcase focused on companies in the AI and data center value chain.
• Defence Picks Theme A thematic smallcase focused on defense sector companies.
• House of Tata Tracker A sector/theme tracker smallcase focused on companies within the Tata Group.
• House of Bajaj Tracker A sector/theme tracker smallcase focused on companies within the Bajaj Group.
• House of HDFC Tracker A sector/theme tracker smallcase focused on companies within the HDFC Group.
• House of Mahindra Tracker A sector/theme tracker smallcase focused on companies within the Mahindra Group.
• Quality Bluechips - Quant A quantitative smallcase focused on quality large-cap stocks using algorithmic selection.
• Low Risk Smart Beta A smart beta smallcase targeting low-volatility dividend stocks.
• Growth Multicap - Quant A quantitative multicap model focused on growth factor stocks across market capitalizations.
• Post-IPO Quality Theme A thematic smallcase focused on quality companies that have recently completed IPOs.
• Quality Smallcap Quant A quantitative smallcap model focusing on quality factor stocks using algorithmic selection.
• Prime Sector Rotation Quant A quantitative model that rotates across sectors using algorithmic sector selection.
• House of Murugappa Tracker A sector/theme tracker smallcase focused on companies within the Murugappa Group.

Quantifiable outcome

• All Weather investing smallcase delivered positive returns during Nifty decline of 3.6%
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

AI capability3 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• ZerodhacoreChannel Partner/ Reseller/ DistributorZerodha is a leading discount broker in India and one of 16 broker partners through which Windmill Capital smallcases can be subscribed and invested in. Investors can log in with their Zerodha credentials and access Windmill portfolios.
• GrowwcoreChannel Partner/ Reseller/ DistributorGroww is a prominent investment platform partner enabling Windmill Capital smallcase distribution. Investors can subscribe through Groww's platform and manage their investments.
• HDFC SecuritiescoreChannel Partner/ Reseller/ DistributorHDFC Securities, the broking arm of HDFC Bank, is a partner broker for Windmill Capital smallcase distribution, providing access to Windmill's curated investment portfolios.
• ICICI DirectcoreChannel Partner/ Reseller/ DistributorICICI Direct is a partner broker enabling customers to subscribe to Windmill Capital smallcases and invest through their ICICI Direct trading account.
• Kotak SecuritiescoreChannel Partner/ Reseller/ DistributorKotak Securities provides brokerage services for Windmill Capital smallcase subscriptions, allowing investors to access Windmill's curated portfolios.
• AxisDirectcoreChannel Partner/ Reseller/ DistributorAxisDirect is a partner broker for Windmill Capital smallcase distribution, enabling investors to access and invest in Windmill portfolios.
• EdelweisscoreChannel Partner/ Reseller/ DistributorEdelweiss is a partner broker for Windmill Capital smallcase subscriptions, providing distribution access to Windmill's investment portfolios.
• Motilal OswalminorChannel Partner/ Reseller/ DistributorMotilal Oswal Securities is a broker partner enabling Windmill Capital smallcase distribution to their customer base.
• smallcasecoreTechnology or Integrationsmallcase is the core technology platform powering Windmill Capital's portfolio distribution. Windmill Capital creates and manages smallcases (curated baskets of stocks/ETFs) on the smallcase platform, with the platform handling subscription, tracking, rebalancing, and broker integrations.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Smallcase: Smallcase is the underlying platform and the broadest incumbent in curated portfolio investing in India. As Windmill's primary distribution and technology partner, it is also the biggest competitive threat if it expands in-house publishing or raises take rates.
• FundsIndia: FundsIndia is a long-standing Indian online mutual fund distribution and advisory platform. It is a broad incumbent in retail investment distribution and competes with Windmill's MF smallcase and goal-based portfolio offerings for the same retail customer base.
• Value Research: Value Research is a long-established Indian mutual fund research, analytics, and advisory platform. It serves as a broad incumbent in retail investment research, competing for the same retail investor attention and trust that Windmill targets with curated portfolios.

Direct peers

• Jarvis Invest: Jarvis Invest is an AI-driven SEBI-registered investment advisory platform for retail investors in India. It competes in the same algorithmic portfolio advisory category that Windmill targets through its quant and factor smallcases.
• Wright Research: Wright Research is a SEBI-registered investment adviser publishing quant and factor-based smallcase portfolios on the same smallcase platform. It is the most direct comparable, competing head-to-head for premium retail subscribers on multi-factor and thematic strategies.
• WealthDesk: WealthDesk is a SEBI-registered investment adviser offering curated, model-portfolio wealth management products to retail and HNI clients in India. It overlaps directly with Windmill's goal-based and asset-allocation smallcase offerings.

Emerging players

• INDmoney: INDmoney is an Indian super-app for mutual funds, stocks, and financial planning, offering model portfolios and advisory services to retail investors. It overlaps with Windmill's goal-based and MF pick offerings and competes for the same retail customer wallet.
• Kuvera: Kuvera is a direct-mutual-fund investment and financial planning platform in India. It overlaps with Windmill's free MF picks and goal-based portfolios, competing for similar retail customers though with a different core product (direct MFs).
• Tickertape: Tickertape is an Indian stock and mutual fund analytics platform owned by Zerodha, one of Windmill's largest distribution partners. It provides model portfolios and screening tools that compete with Windmill's quant and factor strategies on the same broker ecosystem.
• Kristal.AI: Kristal.AI is an AI-driven wealth management platform operating in India and globally. It overlaps with Windmill's quant/AI-themed smallcases (e.g., AI & Data Center Value Chain) and serves a comparable goal-based investing use case for mass-affluent retail clients.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/windmillcapHQ
• LinkedInlinkedin.com/company/windmill-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Windmill Capital