Premji Invest and Accel's Global Growth Fund co-led the all-primary funding round for wealth tech platform Dezerv, which raised Rs 350 crore, or roughly $40 million.  Z47 (formerly Matrix Partners India) and Elevation Capital also participated in the Series C round.

Key Highlights

• Dezerv secures $40 million in Series C funding led by Premji Invest and Accel, with participation from Elevation Capital and Z47.
• The Mumbai-based wealthtech firm plans to hire 200 additional relationship managers over the next year and leverage India's account aggregator framework to offer personalized solutions.

The Mumbai-based business raised $32 million in a Series B round led by Premji Invest back in July of last year. With the $7 million seed round that Elevation and Matrix co-led in September 2021, Dezerv has raised about $100 million to date.

In March of this year, Deserv also started a $5.3 million Employee Stock Ownership Plan (ESOP) buyback program for both current and former employees.

According to a press release from Deserve, the money raised will be utilized to improve the customer experience, fortify its technology stack, and broaden its investment options across several asset classes. Over the next 12 months, the company also intends to hire 200 more relationship managers.

Dezerv provides business and high-salaried individuals with portfolio management services. 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.

With offices in Mumbai, Delhi, Bengaluru, Hyderabad, and Pune, it conducts business in more than 200 cities.

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The business intends to extend its One Model platform to incorporate assets like InvITs, REITs, and precious metals and take advantage of India's account aggregator framework to provide more individualized solutions.

Thekredible claims that Dezerv's operating revenue increased from Rs 10.20 crore in FY23 to Rs 26.25 crore in FY24. With losses of Rs 74.53 crore for FY24 compared to Rs 38.20 crore for FY23, it reported a 95.1% increase in losses. The business has not yet submitted its FY25 financial results.