Dezerv raises Rs 265 Cr led by Premji Invest
The round also saw participation from existing investors Elevation Capital, Matrix Partners India (aka Z47), and Accel.
Wealth management platform has raised Rs 265 crore in a Series B funding round. The round was led by Premji Invest, which acquired a 9.84% stake for Rs 168.8 crore.
Existing investors Elevation Capital and Matrix Partners India (aka Z47) also participated in the round, each investing around Rs 35 crore. Additionally, Accel contributed Rs 26.23 crore to the funding round.
Dezerv said it plans to invest the fresh capital into "crafting new investment strategies, boosting its technology platform to deliver superior client experience, and hiring investment specialists for its next growth phase."
"Building trust and delivering top-tier service requires significant capital for client asset security, regulatory compliance, and good governance. We are grateful for the substantial support from Premji Invest and our existing partners. Premji Invest's nuanced understanding of investment management aligns perfectly with our goals, and our partners' continued reinvestment endorses our commitment to excellence," said Sandeep Jethwani, Co-founder, Dezerv.
Founded by Sahil Contractor, Sandeep Jethwani, and Vaibhav Porwal, each with over two decades of experience in wealth management, Dezerv is a wealthtech platform that manages over Rs 7,000 crore in client assets. These assets are strategically allocated across proprietary equities, fixed income, and alternative investment strategies.
Over the past year, wealthtech has seen substantial growth. According to TechCrunch, Lightspeed Venture Partners is nearing the completion of a deal to lead an investment exceeding $20 million in Centricity, a digital wealth management platform. Meanwhile, in October, Peak XV committed approximately $35 million to invest in Neo, a startup specializing in wealth and asset management.
Edited by Megha Reddy