Dezerv, a Wealthtech platform, has secured Rs 265 crore or $32 million in a Series B funding round led by Premji Invest.

The fundraising shows the Mumbai-based firm’s ability to weather the funding drought, especially in the space of wealth management.

As per the report, the board at Dezerv has passed a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each to raise Rs 265 crore or $32 million.

Premji Invest spearheaded the round with Rs 169 crore while existing backers Elevation Capital and Matrix Partners pumped in Rs 35 crore each. Accel India, which led Dezerv’s Series A funding round, also participated with Rs 26 crore during the Series B round.

As per the startup, the funding will be used for growth and strengthening its financial position.

Dezerv | Wealthtech platform

Dezerv provides portfolio management services to top-salaried and business individuals. It manages investment portfolios by leveraging in-house experts and claims to have delivered close to 30% returns to its users since its inception in April 2021.

The company has been valued at around Rs 1,715 crore or $207 million (post-allotment). The Series B funding round appears to have been an ongoing one and the firm may raise more capital. Dezerv’s post-money valuation will change accordingly.

Following the allotment of the Series B round, Premji Invest controls 9.84% of the capital, while Elevation Capital, Matrix, and Accel command 15.28%, 15.28%, and 11.46% of the company, respectively.

Dezerv has raised around $60 million to date, including its $7 million seed round, which was co-funded by Elevation and Matrix in September 2021.

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