Wealth tech platform Dezerv has raised Rs 350 crore (about $40 million) in an all primary funding round co-led by Premji Invest and Accel’s Global Growth Fund. The Series C round also saw participation from Elevation Capital and Z47 (formerly Matrix Partners India).
Back in July last year, the Mumbai-based company had raised $32 million in a Series B round led by Premji Invest. Dezerv has raised around $100 million to date including its $7 million seed round co-led by Elevation and Matrix in September 2021.
Deserv also launched an Employee Stock Ownership Plan (ESOP) buyback program worth $5.3 million for both existing and current employees in March this year.
The proceeds will be used to enhance the client experience, strengthen its technology stack, and expand investment offerings across multiple asset classes, Deserve said in a press release. The company also plans to hire 200 additional relationship managers over the next 12 months.
Dezerv offers portfolio management services to top-salaried and business individuals. It manages investment portfolios by leveraging in-house experts and claims to have delivered close to 30% returns to its users since its inception in April 2021.
It operates in over 200 cities through offices in Mumbai, Delhi, Bengaluru, Hyderabad, and Pune.
The company plans to leverage India’s account aggregator framework to offer more personalized solutions and expand its One Model platform to include assets like InvITs, REITs, and precious metals.
According to Thekredible, Dezerv’s revenue from operations jumped to Rs 26.25 crore in FY24 from Rs 10.20 crore in FY23. It reported a 95.1% spike in its losses which stood at Rs 74.53 crore for FY24, as compared to Rs 38.20 crore in FY23. The company is yet to file its financial results for FY25.
