[Funding] Wealth management startup Dezerv raises $20M in Series A funding led by Accel

Dezerv Cofounders

Mumbai-based wealth management platform dezerv has raised $20.7 million in a Series A funding round led by Accel Partners. Existing investors Elevation Capital, Matrix Partners, Whiteboard Capital and GTM Ventures also participated in the round.

Dezerv’s board approved a special resolution to issue 20 shares and 46,289 Compulsorily Convertible Preference Shares (CCPS) series A at an issue price of Rs 35,078.42 per share to raise Rs 162.44 million ($20.7 million).

While Accel supplied INR 94.13 million ($12 million), existing investors Elevation Capital and Matrix Partners added INR 33.4 million ($4.23 million) each. Whiteboard and GTM also participated in the round with an infusion of INR 97 crore and INR 58 crore respectively. The startup previously raised a seed round of $7 million within six months of its launch in April last year. The new round brings the total to $27.7 million.

Founded in 2021 by former IIFL Wealth senior managing partners Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor, Dezerv provides advisory and investment services – mainly targeting senior working professionals and high net worth individuals (HNIs) – across multiple assets and instruments, including alternatives and new asset classes that are offered online.

The minimum investment ticket size has been kept at INR 50,000, while the founders claim that the average investment through the platform falls in the range of Rs 5-7 lakh and goes up to crores. After the allotment, the co-founders will hold a 42.76% stake collectively, while Elevation and Matrix will each hold a 16.02% stake, followed by Accel.

In terms of volumes, the platform claims to have over Rs 600 crore of transaction assets on its platform (as of June 2022) and is expected to reach INR 1,000 crore in the next few months. It recently packaged its Portfolio Management Service (PMS) license and would add the offering to its current services. The portfolio manager is required to accept a minimum of INR 50 million or securities of a minimum value of INR 50 million from the client.

Dezerv competes with the investment arms of private sector banks and many other independent financial advisories in the country. Technology platforms like Groww, Zerodha, Upstox, Scripbox and Kuvera also operate in the space but take a more Do-It-Yourself (DIY) approach without much human interface.

The startup 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 family offices including Taparia (FamyCare), RK Kedia (Manjushree), CJ Shah and Neeraj Goenka (Texport).

The startup has also been backed by industry professionals including Akash Saxena (Hotstar), K Rangarajan (Five Star) and Aashish Sommaiyaa (WhiteOak).

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