Dezerv, a wealth-tech startup headquartered in Mumbai, has secured Rs 350 crore (approximately $40 million) in a Series C funding round comprised entirely of primary capital.
The round was co-led by Premji Invest and Accel’s Global Growth Fund, with additional participation from Elevation Capital and Z47 (previously known as Matrix Partners India).
In July last year, Premji Invest had also led Dezerv’s Series B funding round, through which the company secured $32 million. In total, the company has so far secured around $100 million in funding.
According to a press release, Dezerv intends to utilise the newly raised capital to improve client experience, reinforce its technology infrastructure, and broaden its range of investment products across diverse asset classes.
The company also plans to ramp up its headcount and recruit around 200 relationship managers over the next 12 months.
Established in 2021, Dezerv provides portfolio management solutions tailoured for high-earning professionals and business owners. It has offices in over 200 cities in the country, such as Mumbai, Delhi, Bengaluru, Hyderabad, and Pune, among others.
Deserv made headlines earlier this year when it launched an Employee Stock Ownership Plan (ESOP) buyback programme worth $5.3 million for both existing and current employees in March.
Among other companies that raised funding in the sector, Dhan secured $200 million in a Series D round last week.
