Wealthtech platform Dezerv has successfully raised Rs 265 crore (approximately $32 million) in a Series B funding round, led by Premji Invest. This funding achievement underscores Dezerv’s resilience in navigating the challenging landscape of wealth management funding.
According to regulatory filings, Dezerv’s board approved a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each, totaling Rs 265 crore or $32 million. Premji Invest spearheaded the round with an investment of Rs 169 crore, while existing investors Elevation Capital and Matrix Partners contributed Rs 35 crore each. Accel India, the lead investor in Dezerv’s Series A round, also participated with Rs 26 crore during the Series B funding.
The company plans to use the new funds to drive growth and strengthen its financial position, as indicated by the filings. Dezerv provides portfolio management services to high-earning salaried and business professionals. Utilizing its team of in-house experts, the company claims to have delivered nearly 30% returns to its users since its inception in April 2021.
The company is currently valued at approximately Rs 1,715 crore (around $207 million) post-allotment. The Series B funding round appears to be ongoing, suggesting the firm may raise additional capital, which would adjust Dezerv’s post-money valuation accordingly.
Following the Series B funding, Premji Invest holds a 9.84% stake in Dezerv, while Elevation Capital and Matrix Partners each hold 15.28%, and Accel holds 11.46%. To date, Dezerv has raised around $60 million, including a $7 million seed round co-led by Elevation and Matrix in September 2021.
