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Wealthtech Platform Dezerve Investments Raised USD 21 Million from Accel Partners

Opportunity India Desk
Opportunity India Desk Aug 09 2022 - 2 min read
Wealthtech Platform Dezerve Investments Raised USD 21 Million from Accel Partners
The Company did not disclose the distribution of stake that was given for this funding but stated that major stakes still belong to the founders and the team.

Technology focused wealth management platform, Dezerv Investments Pvt. Ltd., has announced to raise USD 21 Million (around INR 167 Cr) from venture capitalist Accel Partners. The funding took company’s valuation to USD 100 million. Investors like Elevation Capital and Matrix Partners India Also participated in the round.

However the company did not disclose the distribution of stake that was given for this funding but stated that major stakes still belong to the founders and the team. From the total funding to USD 21 million, around 60 percent was raised from Accel Partners. Remaining 40 percent was given by Elevation and Matrix.

Founded by former IIFL (India Infoline) executives, one year ago, the company has successfully gathered assets of around INR 800 Cr. Being bullish on their business modal and success of the wealthtech industry, the company is aiming hit USD 1 billion in the next 12-18 months in terms of assets.

Sanddeep Jethwani, Co-founder of Dezerve, said that there is a great demand of money managing skills. He also quoted a study saying, “There's a BCG-Amfi study, which says that on average India has 230-240 advisors per million households. Relative to the US, it's 4,000 advisors per million households. So, there is a massive gap in terms of getting people to help with their money. And that's essentially what Dezerv is trying to solve through a technology-first approach.

The company said that it plans to use the raised fund to strengthen the digital product, build a better talent pool and increase the brand awareness. The company also said that in their business which is people sensitive, it is very important to invest in the talent pool. Investment on the digital product also becomes mandatory as it makes the product easier to use and let the user feel more secure. Last thing, the company is working on, is to let more and more people know the fact that there is something called Dezerv, whom they can trust.

In September last year, the company raised around USD 7 Million, With the help of major investment firms like Elevation Capital and Matrix Partners India. That round also saw participation from investors such as Whiteboard Capital, Nath Ventures and Blume Founders Fund.

The pandemic made people understand the value of investment which gave rise to wealth tech companies. Wealthtech is a vast area that not only covers asset management with technology but provides options to let people invest at more secure place with customised approach. Upstox, Groww,Scripbox are some of India’s major weathtech companies.

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