Dezerv raises $30 million in strategic funding round led by Premji Invest

Mumbai: Dezerv, an investment management platform, has raised $30 million in a strategic funding round led by Premji Invest, the private equity firm of billionaire Azim Premji.

Existing investors Elevation Capital, Matrix Partners (now known as Z47), and Accel also participated in the round.

The company has not disclosed its valuation.


Post-investment, 54% of Dezerv will be owned by the four institutional investors, while 46% will be held by founders, employees, and early backers.

The fundraise comprises a primary raise of Rs 265 crore and a secondary component of Rs 53 crore, according to Sandeep Jethwani, cofounder of Dezerv. Angel investor Whiteboard Capital exited during the round.

With Rs 7,000 crore in client assets, Dezerv plans to use the fresh capital to develop new investment strategies targeting first-time high-net-worth individuals (HNWIs), ultra HNWIs, doctors, engineers, and emerging HNWIs.

"Our clients are primarily households with more than Rs 1 crore in financial assets, and there are 27-28 lakh such households in India," Jethwani said.

Dezerv allocates 75% of clients' money to equity and equity-oriented products, with the remainder in fixed income and private credit. The company recently launched its first Rs 500-crore private credit fund of funds, with 20% of the fund already deployed into three funds.

Wealth management has become a capital-intensive business due to high trust establishment costs, stringent regulatory and governance requirements, and significant technology investments, said Jethwani.

With this round, Dezerv has raised Rs 480 crore of primary capital. The company is looking to double its assets under management to Rs 15,000 crore this year and increase to Rs 1 lakh crore within three years.