Wealth management platform dezerv. has raised $21 million in Series A funding led by Accel with participation from existing investors Matrix Partners India and Elevation Capital.
With this fundraising, the company intends to focus on strengthening the user experience, introducing new investment opportunities and growing the talent pool within the company.
The need for expert-led investing has been validated as the platform has witnessed over one lakh working professionals who have signed up for access and this number is growing multifold.
Dezerv was founded in 2021 by Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor and so far seen more than Rs 800 crore invested through the platform.
The platform has been an invite-only platform since its inception. However, now it has opened access to all working professionals in India, giving working professionals an opportunity to invest as the ultra-wealthy do. The platform allows users to invest as low as Rs 50,000.
The non-traditional investment offerings include high-yield debt and pre-IPO deals. The startup has recently received an AIF and PMS license to broaden the investment options available to its users.
Sandeep Jethwani, Co-Founder of dezerv. said, “This fundraise is one more step towards our mission of delivering real investment expertise to India’s working professionals. The need for better investment outcomes has never been felt as acutely as in the current volatile environment. The overwhelming response in our early days coupled with this fundraise from three of India’s top venture capital funds further strengthens our mission.”
Abhinav Chaturvedi, Partner, Accel said “As the information asymmetry increases when it comes to investing and financial products, there is a greater need for domain experts managing money and delivering sustainable returns. We believe that the team at dezerv. with decades of experience is best equipped to fill this gap that working professionals in India face.”
Mridul Arora, Partner, Elevation Capital said “We partnered with dezerv. in their seed round based on the belief that they were perfectly poised to deliver on two of our deeply held convictions – financialisation of savings and democratising access to financial products. In a short period of time, dezerv. is quickly developing into a go-to platform for the emerging affluent in India. We cannot think of a better team to keep building on this vision and are thrilled to deepen our partnership in this fundraise”
“Indian wealthtech is at a tipping point, with an influx of new affluent investors over the last few years, who now need expert advice to navigate uncertain markets. dezerv’s expert-led platform spans across asset classes and provides custom solutions, to create a portfolio for long-term investors”, said Vikram Vaidyanathan, Managing Director, Matrix India.