[Update] Exclusive: Dezerv Bags $32 Mn In Series B From Premji Invest At Over $200 Mn Valuation

Update | July 10, 4:00PM

Almost a day after Inc42 reported that Dezerv has raised $32 Mn in its Series B funding round, the startup officially announced the fundraise. 

The wealth management platform 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.

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Original Story | July 8, 10:23 PM

Wealthtech startup Dezerv has raised $32 Mn (about INR 265 Cr) in a funding round led by Premji Invest, its regulatory filings with the Ministry of Corporate Affairs (MCA) revealed.

Premji Invest joined the startup’s cap table with a capital infusion of $20 Mn (about INR 168.8 Cr) in what seems to be its Series B funding round. Post the funding round, Premji Invests holds about 9.8% stake in the startup.

As per Inc42 estimates, the startup’s post-money valuation stands at around $205 Mn.  

The fresh round of investment saw Premji Invest join the startup’s cap table with a capital infusion of $20 Mn (INR 168.8 Cr) for an exchange of around 9.8% stake in the company, the regulatory filing revealed. 

Existing investors Elevation Capital, Matrix Partners, and Accel Partners also participated in the funding round, as per the filings. While Elevation Capital and Matrix Partners infused $4 Mn each, Accel Partners invested $3.1 Mn.

A detailed questionnaire sent to Dezerv about the funding round didn’t elicit any response till the time of publishing this story

Following the funding round, the stakes of the startup’s cofounder saw a decline. While Sandeep Jethwani’s stake declined 2.66 percentage point  to 14.48%,  Vaibhav Porwal saw a 2.23 percentage point decrease in his shareholding to 12.19%. The startup’s third cofounder, Sahil Contractor, holds 8.65% stake after the fundraise as against 10.24% stake earlier. 

Here’s a detailed breakdown of the shareholding pattern:

Founded in 2021, Dezerv began as an invite-only platform for wealth management. Later, it opened the access to everyone.

The startup claims to have managed assets worth over INR 6,000 Cr since its inception. 

Including the latest funding, Dezerv has raised a total capital of $50 Mn till date. It counts the likes of Whiteboard Capital, Blume Founders Fund, CRED founder Kunal Shah, Acko founder Varun Dua, Meesho founder Vidit Aatrey, and OfBusiness founder Ashish Mohapatra among its investors. 

Dezerv incurred a loss of INR 50.8 Cr in the financial year 2022-23 (FY23) on an operating revenue of INR 1,013 Cr.