Wealth management platform Dezerv secures $21 million in funding led by Accel

• ByStartupStory     |    August 9, 2022

Dezerv, a wealth tech platform, has secured $21 million in a Series A fundraising round headed by technology venture capital investor Accel Partners, bringing its valuation to $100 million. Elevation Capital and Matrix Partners India, both existing investors, also participated in the round. Accel Partners provided over 60% of the capital in this round, with the remainder shared evenly between Elevation and Matrix.

The firm did not disclose the amount of stock diluted, but it did state that the founders and crew still held the majority of the company. The one-year-old business, established by former IIFL executives Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, has already collected assets worth over Rs 800 crore. Dezerv expects invested assets on the platform to exceed $1 billion during the next 12-18 months.

“The demand for genuine skill in money management is greater than ever.” According to BCG-Amfi research, India has 230-240 advisers per million households on average. In comparison to the United States, there are 4,000 advisers for every million households. As a result, there is a significant gap in terms of encouraging individuals to contribute with their money. “And that’s exactly what Dezerv is attempting to tackle with a technology-first approach,” Jethwani explained. The firm intends to use the funds raised in the latest round to improve its digital offering, expand its talent pool, and enhance brand recognition.

“Ours is a people-oriented business.” As a result, the talent pool is critical both for investing and for developing digital products. Second, we must continue to invest in and grow to make investment more smooth. Third, brand awareness, which is getting more people to know that there is something called Dezerv that they can trust,” Jethwani explained. The firm secured $7 million in a venture fundraising round led by Elevation Capital & Matrix Partners India in September of last year, with participation from investors including Whiteboard Capital, Nath Ventures, and Blume Founders Fund.

The platform requires a minimum investment of $50,000 to get started. Furthermore, various items have distinct regulatory needs. According to regulatory requirements, the minimum investment amount for portfolio management programs on the site is 50 lakh.  Dezerv’s target market is individuals having investable surpluses ranging from 15 lakh to a couple of crores. The firm also provides direct bonds to its investors as well as deals for angel investors.

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