Wealth-tech startup from Mumbai Dezerv has managed financial assets of Rs 1 billion on its platform, with a 7x increase in user-deployed capital. The Accel-backed start-up, which provides users with access to alternative investment options and advanced portfolio management services, asserts that it has seen a significant increase in repeat investments from existing clients.
Sandeep Jethwani, Founder, Dezerv, said, "Our aim is to revolutionise India's investment landscape by providing comprehensive investing strategies previously reserved for the ultra-wealthy, to working professionals. This gives India's successful professionals unprecedented access to the best investment opportunities."
Users can start investing on Dezerv, an invite-only website, with as little as Rs 50,000. It focuses mostly on "middle market" consumers with an investment range of Rs 15 lakh to Rs 1 crore. The startup, which has raised $28 million in two rounds since 2021, is supported by Accel as well as Elevation Capital, Whiteboard Capital, Matrix Partners India, and Blume Founders Fund, among others. According to Tracxn, the start-up was valued at $100 million at the time of its final Series A investment round in August 2022, which received $21 million.
Abhinav Chaturvedi, Partner, Accel, said in a statement, “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.”
According to Dezerv, roughly 72% of working professionals in India nowadays seek professional counsel and direction on their finances. By the end of 2023, the start-up hopes to reach Rs 7,500 crore ($1 billion) in assets under management (AUM) at its current rate of growth.
Dezerv was established in 2021 by Jethwani, Contractor, and Vaibhav Porwal, who were a part of the early founding team at IIFL Wealth. It is supported by a number of well-known angel investors, including Kunal Shah from CRED, Vidit Aatrey from Meesho, Varun Dua from Acko, and Asish Mohapatra form of Business.