Wealth tech platform, Dezerv Investments Pvt. Ltd., has raised $21 million in a Series A funding round led by technology venture capital investor, Accel Partners, taking its valuation to $100 million.
Existing investors Elevation Capital and Matrix Partners India also participated in the round.
Accel Partners invested about 60% of the funding for this round; the remaining 40% was split equally between Elevation and Matrix.
The company indicated that the team and the founders still held the majority of the company’s shares. However, it did not disclose the quantum of the diluted stake.
Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, former executives of IIFL, founded the one-year-old startup, which has already collected assets worth about 800 crores.
“The need for real expertise around how to manage your money is much more acute than ever. 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,” Jethwani said.
The startup wants to concentrate the fundraising from the current round on improving its digital offering, expanding its talent base, and raising brand awareness.
“Ours is a people-sensitive business. So, the talent pool is very important on the investing side and on the digital product side. Secondly, we still have to continue investing in and building further to be able to make investing seamless. Thirdly, brand awareness, which is getting more people to be aware of the fact that there is something called Dezerv, whom they can trust,” Jethwani said.