Wealth management startup Dezerv raises $20 million in Series A funding led Accel Partner
- ByStartupStory | August 3, 2022
has raised $20.7 million in a Series A round of funding led by Accel Partners. Elevation Capital, Matrix Partners, Whiteboard Capital, and GTM Ventures are the existing investors who participated in the financing round.
The company is also backed by angel investors, including Kunal Shah (CRED), Ramakant Sharma (LivSpace), Asish Mohapatra and Ruchi Kalra (Ofbusiness), Vidit Aatrey and Sanjeev Barnwal (Meesho), Varun Dua (Acko), Nitin Gupta (Uni), Anurag Sinha (OneCard), Shashvat Nakrani and Suhail Sameer (BharatPe), and Revant Bhate (Mosaic), along with marquee family offices including Taparia (FamyCare), RK Kedia (Manjushree), CJ Shah and Neeraj Goenka (Texport). Industry professionals including Akash Saxena (Hotstar), K Rangarajan (Five Star), and Aashish Sommaiyaa (WhiteOak) have also backed the startup.
Dezerv’s board has passed a special resolution to issue 20 equity shares and 46,289 Series A compulsory convertible preferred shares (CCPS) at an issue price of Rs 35,078.42 per share to raise Rs 162.44 crore ($20.7 million).
While Accel infused Rs 94.13 crore ($12 million), existing investors Elevation Capital and Matrix Partners added Rs 33.4 crore ($4.23 million) each. Whiteboard and GTM also joined the round with an infusion of Rs 97 lakh and Rs 58 lakh, respectively.
The board of Dezerv approved a special resolution to issue 20 equity shares and 46,289 Series A CCPS at a price of Rs 35,078.42 per share in order to raise Rs 162.44 crore ($20.7 million).
After the allotment, the co-founders will collectively own 42.76 percent of the company, followed by Elevation, Matrix, and Accel, who will each own 16.02 percent.
As of June 2022, the platform claims to have transacted assets worth over Rs 600 crore, and it anticipates reaching Rs 1,000 crore in the coming months.
It recently acquired its Portfolio Management Service (PMS) licence and will now be able to offer that service in addition to its present ones. A portfolio manager is required to accept from its customer a minimum of Rs. 50 lakh or securities with a minimum value of Rs. 50 lakh.
Elevation Capital and Matrix Partners, the existing investors, each contributed Rs 33.4 crore ($4.23 million), while Accel invested Rs 94.13 crore ($12 million). Along with joining the round, Whiteboard and GTM contributed an additional Rs 97 lakh and Rs 58 lakh, respectively.
Seven million dollars have already been raised by the firm in a seed round within six months of its launch in April last year. The additional funding raises the total revenue generated to $27.7 million.
About Dezerv
Founded in April 2021 by Sandeep Jethwani, Vaibhav Porwal and Sahil – dezerv aims to provide successful professionals access to high quality investing expertise which has been the unfair advantage of the ultra-wealthy. The invite-only wealthtech platform combines domain expertise and cutting edge tech to create high-performing long term portfolios and also provides exclusive investment opportunities for their members.
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