Existing investors Matrix Partners India and Elevation Capital also participated in the round
Dezerv plans to use the capital to strengthen its user experience, introduce investment opportunities and grow the talent pool
Including the current fundraising, Deserve has raised a total of $27 Mn funding to date
Wealthtech startup Dezerv has secured $21 Mn in its Series A funding round led by Accel.
Existing investors Matrix Partners India and Elevation Capital also participated in the round.
Dezerv plans to use the capital to strengthen its user experience, introduce investment opportunities and grow the talent pool.
“As the information asymmetry increases when it comes to investing and financial products, there is a greater need for domain experts managing money and delivering sustainable returns. We believe that the team at Dezerv with decades of experience is best equipped to fill this gap that working professionals in India face,” said Abhinav Chaturvedi, partner of Accel.
Including the current fundraising, Deserve has raised a total of $27 Mn funding to date.
Founded in 2021 by Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor, Dezerv was initially working as an invite-only platform thus, giving access to limited users. However, it has recently democratised access to all users.
Dezerv’s founders claim to have a collective experience of over 50 years. The founding team have concertedly managed assets over INR 50K Cr.
“This fundraise is one more step towards our mission of delivering real investment expertise to India’s working professionals. The need for better investment outcomes has never been felt as acutely as in the current volatile environment,” said Sandeep Jethwani, cofounder of Dezerv.
Dezerv offers non-traditional investment opportunities–customised multi-asset long-term portfolio, global investments, alternate assets and pre-IPO deals. It said it has also got a license for AIF and PMS and is planning to increase its product offerings to users.
Dezerv also claims that its users have invested over INR 800 Cr through its platform.
Its cap table includes Whiteboard Capital and Blume Founders Fund, Kunal Shah from CRED, Varun Dua from Acko, Vidit Aatrey from Meesho, Ashish Mohapatra from OfBusiness, among others.
It competes with the likes of wealthtech startups such as Wealthy, IndMoney, Groww and Zerodha, among others.
According to a report, the Indian wealthtech market, which was pegged at $20 Bn in the financial year 2020, is likely to grow by 3x to nearly $63 Bn by the financial year 2025.