Wealth management platform Dezerv raises Rs 265 crore led by Premji Invest

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Mumbai-based wealth management platform Dezerv has secured Rs 265 crore in a funding round led by Premji Invest. The round also saw participation from existing investors Elevation Capital, Matrix Partners India (aka Z47) and Accel.

With more than Rs 7,000 crore in client assets, Dezerv plans to invest the fresh capital into new investment strategies, technology upgrade and hiring specialists for its next growth phase, the company said in a statement on July 9.

Founded in 2021 by former IIFL Wealth senior managing partners Sahil Contractor, Sandeep Jethwani, and Vaibhav Porwal, Dezerv provides advisory and investment services — particularly targeting senior working professionals and high net-worth individuals (HNIs) — across multi-assets and instruments, including alternatives and new asset classes.

India’s wealth creators are set to add nearly $1.2 trillion over the next five years, with their wealth growing at a 14 percent CAGR,  Jethwani said, adding that over 65 percent of HNI portfolios often suffer from underperformance due to mis-selling and over-diversification.

"We address these issues with trusted, customised investment solutions, centrally managed portfolios, and a technology-first approach for superior client experiences. Building trust and delivering top-tier service requires significant capital for client asset security, regulatory compliance, and good governance," he said.

The latest funding round takes the total capital raised by the platform to almost $60 million to date, including its $7 million seed round co-led by Elevation and Matrix in September 2021.

In FY23, Dezerv reported a net loss of Rs 57 crore and Rs 1,000 crore in revenue, Tracxn data shows.