Dezerv, a Mumbai-based wealthtech platform, has successfully raised Rs 265 crore or $32 million in a Series B funding round led by Premji Invest. The funding round, aimed at bolstering the firm’s growth amidst challenging funding conditions in the wealth management sector, marks a significant milestone for the company.
According to regulatory filings accessed from the RoC, Dezerv’s board passed a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each, raising the total amount of Rs 265 crore ($32 million). Premji Invest contributed Rs 169 crore, with existing investors Elevation Capital and Matrix Partners injecting Rs 35 crore each. Accel India, a key participant from Dezerv’s Series A round, also participated with Rs 26 crore.
Dezerv plans to utilize the fresh capital to fuel its growth trajectory and strengthen its financial position in the wealth management market.
Established in April 2021, Dezerv specializes in portfolio management services catering to high-net-worth individuals and business professionals. The firm boasts of achieving nearly 30% returns for its users under the guidance of its in-house experts.
Post-allotment, Dezerv is estimated to be valued at approximately Rs 1,715 crore or $207 million. The Series B round is ongoing, suggesting potential for additional capital raises that could alter the company’s post-money valuation.
Following the latest funding, Premji Invest now holds a 9.84% stake in Dezerv, while Elevation Capital, Matrix Partners, and Accel India command 15.28%, 15.28%, and 11.46% of the company, respectively.
Including its recent Series B round, Dezerv has raised a total of $60 million to date, which includes a $7 million seed round co-led by Elevation Capital and Matrix Partners in September 2021.
Dezerv’s successful Series B raise amidst a challenging funding landscape underscores investor confidence in the wealthtech sector. The firm aims to capitalize on this momentum to further enhance its service offerings and expand its market presence.
With the backing of prominent investors like Premji Invest and continued support from existing backers, Dezerv is poised to strengthen its position as a leading player in India’s wealth management space, leveraging its robust performance track record and strategic growth initiatives.
