Wealth management platform Dezerv, founded by Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, has raised ₹350 crore (about $40 million) in a fresh Series C round co-led by existing backers Premji Invest and Accel’s Global Growth Fund, with participation from Elevation Capital and Z47 (formerly Matrix Partners India). The company said the capital will be used to upgrade client experience, deepen its technology stack, and broaden investment solutions across asset classes.
What the new money will fund
Dezerv plans to strengthen its product and advisory engine, expand coverage across instruments such as InvITs, REITs and precious metals, and leverage India’s account-aggregator framework for more personalised portfolios. The firm also expects to add about 200 relationship managers over the next 12 months to support growth.
According to the company, Dezerv currently manages over ₹14,000 crore across PMS, AIF and distribution assets, serving clients in 200+ cities through offices in Mumbai, Delhi, Bengaluru, Hyderabad and Pune.
Funding to date
The latest round takes Dezerv’s total capital raised to over ₹850 crore since its launch in 2021. That includes a $32 million Series B closed in July 2024 and a $7 million seed round in September 2021. Earlier this year, the firm also conducted an ESOP buyback worth $5.3 million for current and former employees.
Business performance
On the financial front, Dezerv reported ₹26.25 crore in revenue from operations in FY24 and a loss of ₹74.53 crore, up from a ₹38.20 crore loss in FY23. The company has not yet filed FY25 results.
The thesis the round backs
Dezerv’s model combines discretionary portfolio management with a multi-asset “One Model” approach aimed at affluent professionals and business owners. Backers are effectively betting on three vectors:
- Distribution + advisory depth: A tech-led advisory stack paired with human RMs to scale higher-touch wealth mandates.
- Multi-asset expansion: Bringing listed and alternative exposures, like InvITs and REITs, into a single, model-driven framework.
- Data-driven personalisation: Using the account-aggregator rails to stitch together a complete financial profile and tailor allocations.
India’s wealthtech market is sharply bifurcated between mass retail investing platforms and traditional private banks/IFAs serving HNIs. Dezerv is carving out the digitally-enabled, advisory-heavy middle: a segment where relationship depth and product breadth are both essential. The hiring ramp and product roadmap signalled with this round point squarely at scaling that hybrid playbook.
By the numbers:
- Round size: ₹350 crore (Series C)
- Lead investors: Premji Invest, Accel’s Global Growth Fund; participants include Elevation Capital and Z47
- Total funding to date: ₹850+ crore since 2021
- AUM served: ₹14,000+ crore across PMS, AIF and distribution
- Network: Clients in 200+ cities; offices in Mumbai, Delhi, Bengaluru, Hyderabad, Pune
- FY24 performance: Revenue ₹26.25 crore; loss ₹74.53 crore; FY25 filings pending
Execution will hinge on two levers: converting the hiring spree into higher client coverage without diluting advice quality, and using product expansion to lift wallet share among existing customers. If Dezerv can demonstrate stronger unit economics, against the backdrop of rising losses in FY24, this round gives it the runway to prove out the model at national scale.
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