Mumbai-based wealth management platform data-vars-company-name=dezerv. >dezerv.$20.7 millions in the course of a series A financing round, which was led by Current investors Elevation Capital, Matrix Partners, Whiteboard Capital and GTM Ventures also were part of the round.
The board of Dezerv has approved the special resolution of issuance 20 shares of equity as well as the Series A compulsory convertible preferred shares (CCPS) at an issue price of 35,078.42 per share. This will bring in Rs 162.44 million ($20.7 millions).
While Accel invested with 94.13 million ($12 million) in its existing investors, Elevation Capital, and Matrix Partners added Rs 33.4 crore ($4.23 million) each. Whiteboard and GTM have also joined the round, with an injection that was Rs 97, 000 and the equivalent of 58 lakh.
The startup previously had the seed round totalling $7 millionwithin six months after its debut in April of this year. The latest round brings the total amount raised up to $27.7 million.
Founded in 2021 by former IIFL Wealth senior managing partners Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, Dezerv provides advisory and investment services–particularly targeting senior working professionals and high net-worth individuals (HNIs)–across multi-assets and instruments, including alternatives and new asset classes that are offered online.
The minimum amount for investments is set at Rs 50000 and the founders have claimed that the typical investment made on the platform is in the band of between Rs. 5-7 lakh and increases to millions.
Following the allotment of shares the co-founders will have the 42.76 percentage stake in the company as well as Elevation and Matrix will have 16.02 percentage stakes each, and then Accel. Accel.
Quantitatively it claims to have more than 600 crore in transferred assets (as of June 20, 2022) in its marketplace. It is anticipated to reach more than 1,000 crore over the coming months. The platform recently received it’s portfolio Management Service (PMS) licenceand will add this service to its existing offerings. Portfolio managers are legally required to take a minimum payment of 50 lakhs or securities that have the minimum value of 50 lakh from clients.
Dezerv’s competes against the investment divisions that are part of the private sector banking in addition to a variety of independent financial advisories within the country. Technology platforms such as Groww, Zerodha, Upstox, Scripbox, and Kuvera are also in operation in the space , but employ an a lot more DIY (DIY) approach with no human interaction.
Additionally, the startup has been supported by angel investors who include Kunal Shah (CRED), Ramakant Sharma (LivSpace), Asish Mohapatra and Ruchi Kalra (Ofbusiness), Vidit Aatrey, Sanjeev Barnwal (Meesho), Varun Dua (Acko), Nitin Gupta (Uni), Anurag Sinha (OneCard), Shashvat Nakrani and Suhail Sameer (BharatPe) and Revant Bhate (Mosaic) together with marquee family offices like Taparia (FamyCare), RK Kedia (Manjushree), CJ Shah and Neeraj Goenka (Texport). Professionals from the industry, including Akash Saxena (Hotstar), K Rangarajan (Five Star) K Rangarajan (Five Star) and Aashish Sommaiyaa (WhiteOak) are also backing the company.