Highlights
Dezerv Secures $40 Million in Series C Funding
Dezerv, a wealth tech platform, has recently completed its Series C funding round, securing Rs 352 crore (around $40 million). This round was co-led by Premji Invest and Accel, with additional contributions from Elevation Capital and Z47, previously known as Matrix Partners India.
Funding Details and Valuation
Although the Mumbai-based company did not reveal its valuation, funding details, or shareholding structure in its announcement, Startup Superb delved into regulatory filings for further insights. The board of Dezerv passed a resolution to issue 42,427 Series C CCPS, priced at Rs 82,961 each, to reach the total amount raised.
Premji Invest made a significant contribution of Rs 157.73 crore ($18 million), while Accel invested Rs 140.2 crore ($16 million). Elevation Capital and Z47 contributed Rs 35.2 crore and Rs 1.3 crore respectively.
According to estimates from Startup Superb, Dezerv’s post-money valuation stands at approximately Rs 2,640 crore (around $300 million), reflecting a 50% increase from its previous valuation of Rs 1,750 crore during the $32 million Series B round conducted in July last year.
The Accel-backed wealth tech company has raised about $100 million in total across four funding rounds, as reported by various sources. Following this latest round, Accel is now the largest stakeholder with a 15.95% ownership, closely followed by Premji Invest at 15.91%. Elevation Capital and Z47 will have stakes of 14.64% and 12.96% respectively, while cofounders Vaibhav Porwal, Sandeep Jethwani, and Sahil Contractor will maintain around 30% ownership among them.
About Dezerv
Founded in 2021, Dezerv offers technology-driven portfolio management services (PMS) aimed at working professionals. It provides expert financial guidance, along with access to direct bonds and angel investments in startups. Currently, Dezerv manages assets exceeding Rs 14,000 crore, which include PMS, AIF, and distribution assets.
Financial Performance
In its financial statement, Dezerv reported that its operating revenue climbed to Rs 26.25 crore in FY24, a notable increase from Rs 10.20 crore in FY23. However, losses also rose by 95.1%, reaching Rs 74.53 crore in FY24 from Rs 38.20 crore in the previous fiscal year. The company has yet to submit its financial records for FY25.
Competition Landscape
Dezerv faces competition from various companies in the market, including Wint Wealth, Grip Invest, and Peak XV-backed Smallcase, as well as Groww, among others.