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Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24

EntrackrEntrackr · 10m ago
Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24
Medial

Dezerv, a company backed by Premji Invest, reported a revenue of Rs 26.25 crore and a loss of Rs 74.53 crore for the fiscal year ending March 2024. The revenue grew by 160% compared to the previous year, while losses increased by 95.1%. The total income for the year was Rs 26.33 crore, with significant expenses in employee costs (Rs 63.34 crore), marketing (Rs 18.48 crore), legal (Rs 4.13 crore), and miscellaneous expenses (Rs 14.89 crore), totaling Rs 100.84 crore. The company’s ROCE was -64.9% and EBITDA margin was -267.45%. Dezerv had cash and bank balances of Rs 100 crore and current assets worth Rs 122 crore. In FY23, the company had a revenue of Rs 10.22 crore and a loss of Rs 38.20 crore. The company raised $60 million in funding, with investors including Premji Invest, Elevation Capital, Matrix, and Accel. Dezerv targets high net-worth individuals (HNIs) with an investment threshold ranging from Rs 15 lakhs to several crore rupees, focusing on portfolio management services for working professionals.

Wealthtech firm Dezerv raises $40 Mn led by Premji Invest and Accel

EntrackrEntrackr · 7h ago
Wealthtech firm Dezerv raises $40 Mn led by Premji Invest and Accel
Medial

Wealth tech platform Dezerv has raised Rs 350 crore (about $40 million) in a funding round co-led by Premji Invest and Accel’s Global Growth Fund. According to a Mint report, the 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. Dezerv also launched an Employee Stock Ownership Plan (ESOP) buyback program worth $5.3 million for both existing and current employees in March this year. Dezerv co-founder Sandeep Jethwani told the publication that the proceeds will be used to enhance the client experience, strengthen its technology stack, and expand investment offerings across multiple asset classes. The company 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.

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