Accel-backed wealth management start-up Dezerv hits Rs 1,000-cr in AUM

Mumbai-based wealth-tech start-up Dezerv has hit the Rs 1,000-crore mark in financial assets managed on its platform, recording a 7x growth in capital deployed by users. The Accel-backed start-up, which offers advanced portfolio management services and access to alternate investment opportunities to customers, claims to have clocked strong growth in repeat investments from existing customers. 

Sandeep Jethwani, Founder, Dezerv, said, "Our aim is to revolutionize India's investment landscape by providing comprehensive investing strategies previously reserved for the ultra-wealthy, to working professionals. This gives India's successful professionals unprecedented access to the best investment opportunities." 

Dezerv is an invite-only platform, and it allows users to start investing from Rs 50,000 onwards. It primarily targets ‘middle market’ customers who can invest anywhere between Rs 15 lakh to a crore. Besides Accel, the start-up is backed by Elevation Capital, Whiteboard Capital, Matrix Partners India, and Blume Founders Fund among others, and has raised $28 million in two rounds since 2021. Its last Series A funding round of $21 million came in August 2022, valuing the start-up at $100 million, according to Tracxn. 

Abhinav Chaturvedi, Partner, Accel, said in a statement, “As the information asymmetry increases when it comes to investing and financial products, there is a greater need for domain experts managing money and delivering sustainable returns. We believe that the team at Dezerv with decades of experience is best equipped to fill this gap that working professionals in India face.”

Dezerv claims that nearly 72 per cent of India's working professionals today seek expert advice and guidance with their finances. At its current rate of growth, the start-up aims to touch Rs 7,500 crore ($1 billion) in assets under management (AUM) by the end of 2023. “Our focus on creating value for successful Indian professionals through disciplined investment and personalized service has paid off, and we will continue this tradition and continue to provide best-in-class experience to our clients,” Sahil Contractor, Co-founder, Dezerv, stated. 

Founded in 2021 by Jethwani, Contractor, and Vaibhav Porwal, who were a part of the early-founding team at IIFL Wealth, Dezerv is also backed by prominent angel investors, including CRED’s Kunal Shah, Meesho’s Vidit Aatrey, Acko’s Varun Dua, OfBusiness’ Asish Mohapatra, among others.

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