Mumbai-based wealthtech startup Dezerv raises Rs 265 crore in a Series B round

Mumbai-based wealthtech startup Dezerv has raised Rs 265 crore or approximately $32 million in a Series B funding round led by Premji Invest, with participation from existing investors.

According to reports, Premji Invest invested Rs 169 crore. Existing investors Elevation Capital and Matrix Partners each invested Rs 35 crore, while Accel India also participated by contributing Rs 26 crore.

What does Dezerv do?

Founded in 2021 by Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, Dezerv specializes in portfolio management services for high-earning individuals and business professionals. 

The startup combines the expertise of seasoned investment professionals with advanced technology to manage investment portfolios. It claims to have delivered close to 30% returns to its users since its inception.

Dezerv operates in Mumbai, Bengaluru, Delhi, Hyderabad, and Pune and has a team of over 250 professionals.

Purpose of fundraising

Dezerv, with client assets worth over Rs 7,000 crore, plans to design new investment strategies, boost its technology platform to deliver superior client experience, and hire investment specialists. 

“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,” said Sandeep Jethwani, Co-Founder of Dezerv.

Who are the stakeholders?

Following the Series B round, Premji Invest now controls 9.84% of the company’s captable. Elevation Capital and Matrix Partners each command 15.28%, while Accel India holds 11.46%.

The latest investment brings Dezerv's all-time raise to over $59 million.

Mridul Arora, Partner, Elevation Capital, said, “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.”