Dezerv valuation jumps 50% to $300 Mn in Series B

Wealth tech platform Dezerv recently announced its Rs 352 crore (approximately $40 million) Series C round co-led by Premji Invest and Accel. The Series C round also saw participation from Elevation Capital and Z47 (formerly Matrix Partners India).

While the Mumbai-based company didn’t disclose its valuation, round breakup, or shareholding structure in the announcement, Entrackr examined regulatory filings to uncover these details.

The Dezerv’s board passed a resolution to issue 42,427 Series C CCPS at an issue price of Rs 82,961 each to raise the aforementioned amount, according to its filing with the Registrar of Companies (RoC).

Premji Invest led the round with an investment of Rs 157.73 crore ($18 million), followed by Accel, which invested Rs 140.2 crore ($16 million). Elevation Capital and Z47 (Matrix Partners) also participated with Rs 35.2 crore and Rs 1.3 crore, respectively.

According to Entrackr’s estimates, Dezerv has been valued at around Rs 2,640 crore (approximately $300 million) post-money, a 50% jump from its previous valuation of Rs 1,750 crore during the $32 million Series B round raised in July last year.

According to startup data intelligence platform TheKredible, the Accel-backed company has raised around $100 million to date across four funding rounds. Following the latest allotment, Accel will emerge as the largest shareholder with a 15.95% stake, closely followed by Premji Invest at 15.91%. Elevation Capital and Z47 will hold 14.64% and 12.96% respectively, while cofounders Vaibhav Porwal, Sandeep Jethwani and Sahil Contractor will collectively retain around 30% ownership.

Founded in 2021, Dezerv provides tech-driven portfolio management services (PMS) to working professionals, offering expert financial advice along with access to direct bonds and startup angel investment opportunities. Dezerv manages over Rs 14,000 crore across PMS, AIF and distribution assets.

On the financial side, Dezerv’s operating revenue surged to Rs 26.25 crore in FY24 from Rs 10.20 crore in FY23. However, its losses widened by 95.1% to Rs 74.53 crore during FY24, up from Rs 38.20 crore in the previous fiscal. The company is yet to file its financial statements for FY25. Dezerv competes with Wint Wealth, Grip Invest, Peak XV-backed Smallcase, Groww, among several others.