Wealthtech Firm Dezerv Secures USD 40 Mn Funding Led by Premji Invest and Accel The round also saw participation from Elevation Capital and Z47, formerly known as Matrix Partners India.
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Mumbai-based wealth tech platform Dezerv has raised INR 350 crore (around USD 40 million) in an all primary funding round co-led by Premji Invest and Accel's Global Growth Fund.
The round also saw participation from Elevation Capital and Z47, formerly known as Matrix Partners India.
This latest infusion brings Dezerv's total funding to around USD 100 million since its inception in April 2021. The company had earlier raised USD 32 million in a Series B round led by Premji Invest in July last year, following a USD 7 million seed round co-led by Elevation and Matrix in September 2021.
In March this year, Dezerv announced an Employee Stock Ownership Plan buyback worth USD 5.3 million, benefiting both existing and former employees.
According to a company statement, the fresh funds will be directed toward improving the client experience, enhancing its technology infrastructure, and expanding investment options across multiple asset classes.
Dezerv also plans to recruit 200 additional relationship managers over the next year to strengthen its service network.
Founded by former IIFL Wealth executives Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, Dezerv focuses on providing portfolio management and investment solutions for affluent individuals. The platform combines expert advisory with technology to help clients analyse and optimise their investments. Its services include actively managed strategies across asset classes and dedicated client support.
Operating in over 200 cities, Dezerv has offices in Mumbai, Delhi, Bengaluru, Hyderabad, and Pune.
The firm plans to leverage India's account aggregator framework to offer more customised solutions. It is also working on expanding its One Model platform to include alternative assets such as Infrastructure Investment Trusts, Real Estate Investment Trusts, and precious metals.
Financial data from Thekredible shows that Dezerv's revenue from operations rose sharply to INR 26.25 crore in FY24 from INR 10.20 crore in FY23. However, its losses widened by 95 percent to INR 74.53 crore in FY24 compared to INR 38.20 crore in FY23. The company has not yet filed its financial results for FY25.
