Mumbai, India, July 09, 2024: Dezerv, one of India’s fastest growing wealth management platforms with over INR 7000 Crores in client assets, today announced that it has secured INR 265 Crores in a funding round led by Premji Invest. This round also saw participation from existing investors Elevation Capital, Matrix Partners India (aka Z47) and Accel.
The wealth management platform for India’s wealth creators, Dezerv, plans to invest fresh capital into crafting new investment strategies, boosting its technology platform to deliver superior client experience, and hiring investment specialists for its next growth phase.
India is witnessing an unprecedented rise in wealth creation. This megatrend is demonstrably clear among affluent and emerging high net worth investors – defined as Individuals with investable wealth greater than INR 1 Crore. However, this segment remains severely underserved by traditional wealth managers and retail banks and is hampered by mis-selling and conflicts of interest. Nearly two-thirds of over 250,000 mutual fund portfolios, comprising over INR 60,000 Crores, analysed by Dezerv’s Wealth Monitor app showed that they struggled to beat their benchmarks, resulting in missed gains of over INR 2500 Crores.
“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. 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. Building trust and delivering top-tier service requires significant capital for client asset security, regulatory compliance, and good governance. We are grateful for the substantial support from Premji Invest and our existing partners. Premji Invest’s nuanced understanding of investment management aligns perfectly with our goals, and our partners’ continued reinvestment endorses our commitment to excellence.”, said Sandeep Jethwani, Co-Founder, Dezerv
“The financialisation of savings is gaining significant momentum in India. With the deepening of the capital markets, navigating the complex risk-return dynamics across multiple asset classes becomes increasingly challenging, especially for the mass affluent segment. Dezerv has addressed this with remarkable agility, offering centrally managed portfolios that leverage advanced analytics and technology, providing a personalised client experience sustainable even at scale. They have built a strong product roadmap across various investment solutions, positioning themselves as the most preferred, tech-led, open architecture wealth management platform. Their vision to revolutionise wealth management for India’s emerging wealth creators aligns perfectly with our investment ethos, and we are excited to support their journey,” said Saravanan Nattanmai, Partner, Premji Invest
Talking about the investment, Mridul Arora, Partner, Elevation Capital, said, ” Wealth creation in India is on the brink of a significant surge. We at Elevation believe that India’s Affluent+ segment will drive a revenue unlock of up to $100B by FY30. Winning this segment requires differentiated channel acquisitions and high-quality experiences, which Dezerv is capturing with its transparent, tech-led, and customised wealth management solutions. With over a decade of experience in wealth management, Sandeep, Vaibhav, and Sahil bring a unique vision and capability to drive significant market impact, addressing the discerning needs of emerging affluent Indians that traditional wealth managers cannot meet due to their high costs and limited experience. We are thrilled to continue supporting Dezerv as they supercharge their mission to become India’s premier platform and reshape the landscape of investment solutions“
“We have conviction that wealth-tech in India is at an inflection point. Affluent professionals and emerging HNIs are actively seeking new financial products and are more willing to pay for professional expertise today. Dezerv’s digital-first proposition, coupled with a portfolio approach that is the right mix of risk-reward-tax, has catapulted them to being a market leader in a short-span of time. We are privileged to be early backers and are excited to double-down on our partnership” said Vikram Vaidyanathan, Managing Director, Matrix Partners India (aka Z47)
“Dezerv is setting a new standard for personalised, transparent, and effective wealth management in India. We are excited to continue our partnership with Sandeep, Vaibhav, Sahil, and their team as they innovate and scale their platform to address the evolving needs of HNIs,” said Abhinav Chaturvedi, Partner at Accel
About Dezerv
Dezerv has emerged as one of India’s fastest-growing wealth management platforms, dedicated to driving portfolio outperformance for the nation’s wealth creators. Founded by Sahil Contractor, Sandeep Jethwani, and Vaibhav Porwal, each with over 2 decades of experience in wealth management, Dezerv manages over INR 7,000 Crores in client assets. These assets are strategically allocated across proprietary equities, fixed income, and alternative investment strategies. With a robust technology-first approach, Dezerv ensures a superior client experience. Operating from offices in Mumbai, Bangalore, Delhi, Hyderabad, and Pune, its team of over 250 professionals is committed to redefining wealth management. The Dezerv Wealth Monitor App, tracking assets exceeding INR 60,000 Crores, has rapidly become the preferred tool for financial health assessments in India.
Learn more on www.dezerv.in
Release Date
July 09, 2024
For Media Queries
Yash Bhargava
Email: yash.bhargava@dezerv.in
Phone: +91 80802 12000