Wealthtech startup Dezerv raised $32 M Series B funding from Premji Invest

The wealthtech platform Dezerv has completed a Series B round led by Premji Invest, raising Rs 265 crore, or $32 million. The fund-raiser shows how resilient the Mumbai-based company is to the financial downturn, particularly in the wealth management industry.

According to Dezerv’s regulatory filings retrieved from the RoC, the board approved a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each in order to raise Rs 265 crore, or $32 million.

With an initial investment of Rs 169 crore, Premji Invest led the round, with previous backers Elevation Capital and Matrix Partners contributing Rs 35 crore apiece. Leading Dezerv’s Series A funding round, Accel India, contributed Rs 26 crore to the Series B round as well.

The company intends to grow and improve its financial position with these additional proceeds, per the filings.

Dezerv provides business people with high salaries with portfolio management services. It uses in-house experts to manage investment portfolios, and since its founding in April 2021, it says it has given its users returns of nearly 30%.

The company’s estimated valuation in the media is Rs 1,715 crore, or $207 million (post-allotment). It looks like the company is still raising money from this Series B round. As a result, Dezerv’s post-money valuation will alter.

After the Series B round was allocated, Elevation Capital, Accel, and Matrix hold 15.28%, 15.28%, and 11.46% of the company, respectively, while Premji Invest holds 9.84% of the captable.

With the inclusion of its $7 million seed round led by Elevation and Matrix in September 2021, Dezerv has raised about $60 million to date.