Mumbai-based wealthtech startup Dezerv has secured Rs 265 crore (approximately $32 million) in a Series B funding round led by Premji Invest, with continued support from existing investors.
Premji Invest contributed Rs 169 crore to the round. Other participants included Elevation Capital and Matrix Partners, each investing Rs 35 crore, and Accel India, which added Rs 26 crore.
About Dezerv
Founded in 2021 by Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, Dezerv focuses on portfolio management services tailored for high-earning individuals and business professionals. The startup integrates the expertise of seasoned investment professionals with cutting-edge technology to manage investment portfolios, boasting close to 30% returns for its users since its launch. Dezerv operates across Mumbai, Bengaluru, Delhi, Hyderabad, and Pune, employing over 250 professionals.
Purpose of Fundraising
With client assets exceeding Rs 7,000 crore, Dezerv plans to utilize the funds to develop new investment strategies, enhance its technology platform for improved client experience, and expand its team by hiring more investment specialists.
Sandeep Jethwani, Co-Founder of Dezerv, highlighted the company’s mission: “In the next five years, India’s affluent are expected to increase their wealth by nearly $1.2 trillion, growing at 14 per cent annually. Our goal is to help them, and HNIs in their wealth journey. Over 65 per cent of HNI portfolios suffer from underperformance due to mis-selling and over-diversification. We tackle these challenges with tailored investment solutions, managed portfolios, and advanced technology for exceptional client experiences. Ensuring trust and top-notch service requires significant investment in client security, regulatory compliance, and governance.”
Stakeholder Insights
Post-Series B, Premji Invest now holds 9.84% of Dezerv’s cap table. Elevation Capital and Matrix Partners each command 15.28%, and Accel India has an 11.46% stake. This latest funding round brings Dezerv’s total capital raised to over $59 million.
Mridul Arora, Partner at Elevation Capital, remarked, “Winning the affluent segment requires differentiated channel acquisitions and high-quality experiences, which the company is capturing with its transparent, tech-led, and customised wealth management solutions.”
