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HomeFunding India-Based Dezerv Secures $32 Million in Series B Round Funding

[FUNDING NEWS] India-Based Dezerv Secures $32 Million in Series B Round Funding

The wealthtech platform Dezerv has completed a Series B investment headed by Premji Invest, raising $32 million. The fund-raiser shows how resilient the Mumbai-based company is to the financial downturn, particularly in the wealth management industry.

According to Dezerv’s regulatory filings retrieved from the RoC, the board approved a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 per in order to raise $32 million.

The initial investment of Rs 169 crore, Premji Invest led the round, with previous investors Elevation Capital and Matrix Partners contributing Rs 35 crore apiece. Leading Dezerv’s Series A funding round, Accel India, contributed Rs 26 crore to the Series B round as well.

The company intends to use these new funds for growth and enhancing its financial condition, per the documents.

Read also- UAE-Based Maalexi Secures USD$1 Million in Funding

Dezerv provides portfolio management services to high-earning individuals in the business world. Since its founding in April 2021, the company, which manages financial portfolios using in-house experts, claims to have given its subscribers returns of about 30%.

The company’s estimated valuation, according to TheKredible, is around Rs 1,715 crore, or $207 million (post-allotment). It looks like the Series B round is still going well, and the company might raise more money. The post-money valuation of Dezerv will adjust correspondingly.

Read also- India-Based Centriti Secures Around $700K in Funding

After the Series B round was allocated, Elevation Capital, Accel, and Matrix hold 15.28%, 15.28%, and 11.46% of the firm, respectively, while Premji Invest has 9.84% of the captable.

The inclusion of its $7 million seed round led by Elevation and Matrix in September 2021, Dezerv has raised almost $60 million to far.

About Dezerv

Dezerv is a wealth management firm that blends cutting-edge technology with the knowledge of seasoned investing specialists. To guarantee long-term success, the team of professionals keeps an eye on portfolio performance and rebalances it as needed.

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