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Wealthtech startup Dezerv raises $32 Mn in Series B

Entrackr · 3m

Wealthtech platform Dezerv has raised Rs 265 crore or $32 million in a Series B round led by Premji Invest. The fundraise demonstrates the Mumbai-based firm’s ability to weather through the funding drought, especially in the wealth management space. The board at Dezerv has passed a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each to raise Rs 265 crore or $32 million, its regulatory filings accessed from the RoC shows. Premji Invest spearheaded the round with Rs 169 crore while existing backers Elevation Capital and Matrix Partners pumped in Rs 35 crore each. Accel India, which led Dezerv’s Series A financing round, also participated with Rs 26 crore during the Series B round. According to the filings, the company will use these fresh proceeds for growth and strengthening its financial position. 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. As per TheKredible estimate, the company has been valued at around Rs 1,715 crore or $207 million (post-allotment). The Series B round appears to have been an ongoing one and the firm may raise more capital. Dezerv’s post-money valuation will change accordingly. Following the allotment of the Series B round, Premji Invest controls 9.84% of the captable while Elevation Capital, Matrix, and Accel command 15.28%, 15.28%, and 11.46% of the company, respectively. Dezerv has raised around $60 million to date including its $7 million seed round co-led by Elevation and Matrix in September 2021.