India-based wealth management technology platform Dezerv has raised Rs3.5bn ($39.4m) in a Series C financing round.
The company intends to use the new funds to improve the overall client experience and solidify its operational base.
The fresh capital infusion has increased the company’s total funding to more than Rs8.5bn.
The all-primary funding round saw the participation of current investors, with Premji Invest and Accel’s Global Growth Fund jointly leading the round, alongside Elevation Capital and Z47.
Dezerv aims to upgrade its technology platform, broaden its investment solutions across various asset classes, and recruit and train relationship managers.
These initiatives are aimed at propelling the company towards becoming a “full-stack” wealth management service provider that addresses the financial requirements of entire families.
Since its inception in 2021, Dezerv claims to have managed assets worth over Rs140bn across portfolio management services (PMS), alternative investment funds (AIF), and distribution assets.
Its reach extends to clients in more than 200 cities throughout India, offering data-driven investment solutions in equity, fixed income, and alternatives.
The company stated that its Dezerv App has allowed many investors in the country to monitor and analyse huge assets.
Users of the app can keep tabs on their stocks, mutual funds, bank accounts, national pension system (NPS), and fixed deposits (FDs).
Dezerv noted that it is also planning to integrate bonds, real estate investment trusts (REITs), infrastructure investment trusts (InvITs), as well as loans and credit cards into the app by the end of the year.
Dezerv co-founder Sandeep Jethwani said: “India’s wealth creators have built their wealth through hard work, grit and sacrifice, and it deserves to be managed with the same determination and care with which it was created. That means unfaltering processes, state of the art technology, investment solutions focused on sustainable compounding, and competent and principled relationship managers.
Founded by Sahil Contractor, Sandeep Jethwani, and Vaibhav Porwal, Dezerv operates out of five offices located in major Indian cities.
In 2022, Dezerv raised $20.7m in a Series A funding round, which took its valuation to $100m.
