New Delhi, Oct. 14 -- PremjiInvest, the family office of Wipro founder-chairman Azim Premji, and venture capital firm Accel have doubled down on their investments in wealth management platform Dezerv, co-leading its Series C funding round.
Dezerv secured Rs 350 crore ($39.4 million) in the round, co-led by PremjiInvest and Accel which invested through its Global Growth Fund. The round, consisting entirely of primary capital, also saw participation from two existing backers Elevation Capital and Z47 (previously Matrix Partners India).
"Since our initial investment last year, Dezerv's AUM is on track to quadruple by the end of this year, driven by resilient client flows and a combination of organic and inorganic capital allocation from its customers," said Saravanan Nattanmai, partner, PremjiInvest. "With a full-stack platform for wealth solutions across equity and credit, and a uniquely trained relationship management team, Dezerv is well positioned to set new industry standards for risk-adjusted returns and superior client outcomes in wealth management for India's emerging wealth creators," he added.
The latest round takes Dezerv's total funding to over Rs 850 crore, following its Rs 265 crore round last year in July led by PremjiInvest, with participation from Elevation Capital, Z47, and Accel. The firm had earlier raised $21 million in a Series A round in August 2022 led by Accel, and Rs 51 crore in seed funding in September 2021 from Matrix and Elevation.
Dezerv, which manages over Rs 14,000 crore in client assets, plans to invest the fresh capital to improve client experience, deepen the technology platform, expand the suite of investment solutions across asset classes, and onboard and develop high-quality relationship managers. The company serves clients in over 200 cities from offices in Mumbai, Delhi, Bengaluru, Hyderabad, and Pune.
"These efforts will accelerate Dezerv's transition into a full-stack wealth manager, capable of serving not just an individual but the entire family's financial needs," the company said in a statement.
Founded in 2021 by Vaibhav Porwal, Sahil Contractor, and Sandeep Jethwani, Dezerv offers portfolios spread across proprietary equities, fixed income, and alternative strategies. It also operates a fund-of-funds strategy, investing across private equity, public equity, venture capital, and private credit.
"India's wealth creators have built their wealth through hard work, grit and sacrifice, and it deserves to be managed with the same determination and care with which it was created. That means unfaltering processes, state-of-the-art technology, investment solutions focused on sustainable compounding, and competent and principled relationship managers," said Sandeep Jethwani, co-founder, Dezerv. "This fresh capital will help us deepen these capabilities and strengthen our foundation to build a pioneering financial institution," he added.
Published by HT Digital Content Services with permission from VC Circle.