Dezerv Secures Rs 350 Crore Funding for Client Experience Enhancement
Wealth tech platform Dezerv has successfully raised Rs 350 crore (approximately $40 million) in a funding round co-led by Premji Invest and Accel’s Global Growth Fund. A Mint report highlights that Elevation Capital and Z47 (formerly Matrix Partners India) also contributed to this funding round.
Back in July of the previous year, the Mumbai-based firm had secured $32 million in a Series B funding round, which was led by Premji Invest. To date, Dezerv has raised almost $100 million, which includes its $7 million seed round co-led by Elevation and Matrix in September 2021.
Dezerv recently introduced an Employee Stock Ownership Plan (ESOP) buyback scheme worth $5.3 million for both current and past employees in March this year. Co-founder Sandeep Jethwani informed the publication that the funds will be directed towards improving client experiences, enhancing its technology infrastructure, and broadening investment options across various asset classes. The company intends to hire an additional 200 relationship managers within the next year.
Startup Superb has contacted Jethwani for further details. Dezerv provides portfolio management services aimed at high-salaried professionals and entrepreneurs. It manages investment portfolios using in-house specialists and claims to have delivered nearly 30% in returns to its users since its inception in April 2021.
Operating in over 200 cities, Dezerv has offices in Mumbai, Delhi, Bengaluru, Hyderabad, and Pune. The firm plans to utilize India’s account aggregator framework to offer tailored solutions and expand its One Model platform to include assets such as InvITs, REITs, and precious metals.
According to Thekredible, Dezerv’s operational revenue surged to Rs 26.25 crore in FY24, up from Rs 10.20 crore in FY23. However, it also reported a significant 95.1% increase in losses, amounting to Rs 74.53 crore for FY24, compared to Rs 38.20 crore in FY23. The company has yet to submit its financial results for FY25.