PremjiInvest leads $32 mn funding round in wealth management firm Dezerv
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PremjiInvest leads $32 mn funding round in wealth management firm Dezerv

By Aman Rawat

  • 09 Jul 2024
PremjiInvest leads $32 mn funding round in wealth management firm Dezerv
Sandeep Jethwani, co-founder, Dezerv

Wealth management firm Dezerv on Tuesday said that it raised Rs 265 crore (around $31.7 million) in a funding round led by Wipro chairman Azim Premji’s family office PremjiInvest. 

The round also saw participation from existing investors Elevation CapitalMatrix Partners India (Z47) and Accel

Dezerv, which claims to have over Rs 7,000 crore in client assets, plans to invest fresh capital into creating new investment strategies, improving its technology platform to deliver superior client experience, and hiring investment specialists for its next growth phase. 

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"India's wealth creators are set to add nearly $1.2 trillion over the next five years, with their wealth growing at a 14% CAGR. At Dezerv, our mission is to support India's affluent and HNIs in their wealth-creation journey,” said Sandeep Jethwani, co-founder, Dezerv.  

“Over 65% of HNI portfolios often suffer from underperformance due to mis-selling and over-diversification. We address these issues with trusted, customised investment solutions, centrally managed portfolios, and a technology-first approach for superior client experiences,” he added. 

Dezerv was founded by Sahil Contractor, Jethwani, and Vaibhav Porwal. It offers assets strategically allocated across proprietary equities, fixed income, and alternative investment strategies. It has offices in Mumbai, Bangalore, Delhi, Hyderabad, and Pune and has a team of over 250 professionals.  

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It also operates a fund-of-funds strategy wherein it invests across multiple funds from its investment vehicles spread across private equity, public equity, venture capital and private credit.  

Previously, Dezerv had raised $21 million in its Series A funding round in August 2022 led by Accel. The company had also raised Rs 51 crore in its seed funding round in September 2021 led by Matrix and Elevation. 

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