Dezerv’s FY24 Revenue Zooms 157% YoY To INR 26 Cr

SUMMARY

Dezerv’s consolidated net loss rose 95% to INR 74.53 Cr during the year under review from INR 38.20 Cr in FY23

Total expenditure shot up 108% to INR 100.84 Cr in FY24 from INR 48.42 Cr in the previous year

Dezerv provides customised investment solutions targeting senior working professionals and HNIs across multi-assets and vehicles, including alternative assets and the new asset class

Accel-backed wealthtech startup Dezerv’s operating revenue surged 157% to INR 26.25 Cr in the financial year 2023-24 (FY24) from INR 10.20 Cr in the previous fiscal year.

Founded in 2021 by Sahil Contractor, Sandeep Jethwani and Vaibhav Porwal, Dezerv is a wealth management platform. It provides customised investment solutions, particularly targeting senior working professionals and high-net-worth individuals, across multi-assets and vehicles, including alternative and the new asset class.

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

Despite the growth in its top line, Dezerv’s consolidated net loss rose 95% to INR 74.53 Cr during the year under review from INR 38.20 Cr in FY23, on account of a sharp increase in its expenses.

The Premji Invest-backed startup posted an EBITDA loss of INR 70.4 Cr in FY24 as against an EBITDA loss of INR 36 Cr in FY23. Its EBITDA margin stood at -268% in FY24 compared to -353% in FY23.

In July last year, Dezerv raised $32 Mn in its Series B funding round, led by Premji Invest, at a valuation of $200 Mn. The round also saw participation from existing investors Accel, Elevation Capital and Matrix Partners.

As per Inc42 data, Dezerv has raised a total funding of $60 Mn to 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.

Where Did Dezerv Spend In FY24?

Amid a surge in its revenue, Dezerv’s total expenditure shot up 108% year-on-year to INR 100.84 Cr in the year ended March 31, 2024. It had incurred expenses of INR 48.42 Cr in the previous year.

On a unit economics basis, Dezerv spent INR 3.82 to earn every rupee in FY24. Dezerv's Loss Widens 95% In FY24

Employee Benefit Expenses: This was the biggest expense head for the wealth management startup during the year under review. Employee costs skyrocketed almost 114% to INR 63.34 Cr in FY24 from INR 29.65 Cr in FY23, indicating that it increased its headcount during the year.

Advertising Promotional Expenses: The spending under this bucket grew more than threefold to INR 18.48 Cr in FY24 from INR 6.15 Cr in the previous year.

Information Technology Expenses: The wealthtech startup’s IT expenses surged nearly 106% to INR 3.50 Cr during the year under review from INR 1.70 Cr in FY23.