Wealth Management Platform Dezerv Secures $32 Million in Series B Funding

Preeti Bali / 8:42 am / July 10, 2024

Dezerv, a wealth management platform catering to high-earning professionals and business owners, has successfully secured $32 million (Rs 265 crore) in a Series B funding round. This investment, led by Premji Invest, demonstrates Dezerv’s resilience amidst a general slowdown in funding, particularly within the wealth management sector.

Breakdown of the Funding Round

As per administrative filings recovered from the Enlistment center of Organizations (RoC), Dezerv’s board endorsed the issuance of north of 41,000 Series B convertible favored stock (CCPS) at a cost of Rs 63,455 each to raise the designated capital. Premji Contribute led the round with a critical venture of Rs 169 crore. Existing financial backers, Rise Capital and Lattice Accomplices, additionally partook, contributing Rs 35 crore each. Remarkably, Accel India, which drove Dezerv’s underlying Series A round, proceeded with its help with a Rs 26 crore interest in this Series B round.

Fresh Capital to Fuel Growth and Stability

The newly acquired funds will be strategically allocated to drive Dezerv’s growth and bolster its financial standing, as per the company’s filings.

Providing Expertise and Returns

Laid out in April 2021, Dezerv offers customized portfolio the executives administrations to its clients. Utilizing a group of in-house specialists, Dezerv oversees venture portfolios and flaunts a history of conveying almost 30% re-visitations of its clients since its origin.

Valuation and Potential for Further Investment

Statistical surveying firm TheKredible assessments Dezerv’s post-portion valuation to be around $207 million (Rs 1,715 crore). While the Series B round seems, by all accounts, to be continuous, the last sum raised and ensuing valuation might contrast relying upon extra ventures got.

Shifting Ownership Landscape

Following the designation of Series B shares, Premji Put holds a 9.84% stake in Dezerv. Existing financial backers, Height Capital, Lattice Accomplices, and Accel India, presently control possession rates of 15.28%, 15.28%, and 11.46%, separately.

Building on Previous Success

This Series B round brings Dezerv’s total funding to approximately $60 million. The company previously secured $7 million in a seed round co-led by Elevation Capital and Matrix Partners in September 2021.

Dezerv’s ability to secure significant funding in a challenging environment underscores its potential to disrupt the wealth management sector and empower its clients to achieve their financial goals.

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